Construction, Estonia, Mergers and take-overs, Real Estate

Tähelinna Kinnisvara was established in 2001. The principal activity of the company is property development and investments. The company owns a six-storey office building (with 4542 square meters of area) at Järvevana tee 9G, Tallinn; the building was completed in 2003 and houses the headquarters of AS Merko Ehitus, informs LETA.

An unrelated party made a bid to E.L.L. Kinnisvara on October 19, 2009, to buy the property at Järvevana 9G in Tallinn or the company Tähelinna Kinnisvara (the owner of the property), based on the market price of the property (58 million kroons). In the calculation of the purchase price of the holding, the price of the property was offset against the balance of the company's current assets and liabilities. The opinion of the management of Merko Ehitus was that the proposed price of 12,770 kroons per gross square meter was a good bargain and the company decided to exercise its right of pre-emption, arising upon the intended transfer of holding, pursuant to the lease agreement.