The real estate development company E.L.L. Kinnisvara is planning to open a new shopping and entertainment centre Panorama City in spring of 2014, writes LETA/National Broadcasting.
The new establishment is planned to be erected between Tallinn City Centre and Lasnamäe district.
The approximate cost of the development is nearly a hundred million euros. The shopping centre is to extend to 77,000 square metres, 57,000 square metres of which will be lease space. According to plans, there would be nearly 200 different stores in the centre and 2,000 parking spaces.
According to the CEO of E.L.L. Kinnisvara Aldo Dapon, more than 55 per cent of the lease contracts have been concluded or are being concluded. The anchor lessee of Panorama City will be Rimi with a hypermarket store of nearly 7,300 square metres.
Another key partner of the shopping centre will be Apranga Group, the leading Baltic fashion merchandise company of Lithuanian origin. Apranga Group will open a total of up to 14 stores representing internationally renowned brands with the total area of nearly 4,800 square metres.
The development project is financed by E.L.L. Kinnisvara from its own reserves and with a loan taken from Swedbank. The construction works on the project will be carried out by Merko Ehitus, and the contract will be concluded in autumn of 2012 at the latest, after necessary preparations will have been made and a construction will have been issued.
E.L.L. Kinnisvara is a real estate development enterprise operating in the Baltic region. Its parent company is AS Riverito that also owns majority shares in Merko Ehitus.