Investors not interested in Linnahall building

Despite claims that the Port of Tallinn could be the Tallinn City Council’s long-awaited partner who would help refurbish Linnahall, it now turns out the company’s interest in the building is extremely limited.

Tallinn has tried to find partners and investors for Linnahall since 2009 when the concert hall, built during the Soviet era, closed its doors to the general public. This, however, has proved problematic – partially due to restrictions set on its renovation by the National Heritage Board, whose current rulings are good for another three years.

Deputy mayor Taavi Aas announced last week that the city has finally found a potential partner in Port of Tallinn. However, the company’s chairman Ain Kaljurand told Postimees that their interest lies in the harbor area, not in Linnahall itself.

Although Linnahall’s sorry state is in nobody’s interest and the decaying complex casts a shadow on the entire area, the Port of Tallinn, which owns several neighboring properties, currently has no investment plans, says
Kaljurand.

Aas has also told Postimees that Linnahall could be converted into a conference center. This would be the first step in developing conference tourism in Estonia. Estonia will hold the EU presidency in four years’ time.

Kaljurand, who applauds the idea, does not rule out that the Port of Tallinn could consider future investments if such a plan is put into development. He does, however, say that as it stands the company has no reason to invest in the derelict building.

Meanwhile, Eesti Päevaleht reports that the City Council is also considering dividing the building into three separate properties, but this would require the National Heritage Board to revise its current status quo on Linnahall, says Aini Härm, director of the Tallinn Culture and Heritage Department.

Source: ERR News

 

See picture here

HKScan to invest 20 mEUR into Rakvere plant

The Finnish food group HKScan is planning to invest 20 million euros into its meat processing factory in Rakvere.

The plan is to build a new production unit at the Rakvere production unit with a total area of around 10,000 square meters. The planned investment is to mainly support drawing up the group’s new brand Flodins, the company said.

The planning stage of the investment is to last until the spring of 2015.

Source: BBN

Premia Foods sells ice cream business to Ukraine

Estonian icecream and frozen goods producer Premia Foods announced today that its ice cream and frozen goods business in Baltic states and Russia will be sold to Food Union, a Ukraine food business.

The amount of the transaction is EUR 27.1 million, reported Äripäev.

With the transaction two out of three AS Premia Foods’ business segments will be sold that make up about half of the company’s turnover.

Read more from BBN

Estonia attracting foreigners

At a time when in the last five years, Estonian labour market has lost about 40,000 people and, according to forecasts, another 40,000 will be leaving in the next five years, more and more foreigners are being attracted to Estonia in the hope to find better life, writes Äripäev.

One of such foreigners is Finn Pauliina Purkola, owner of creative agency WTF Group, who moved to Estonia together with his husband this summer in order to escape the negativity and pessimism of Finland.

The difference is that people moving to Estonia from the West are usually business owners, while people coming from the East are looking for employment.

Read more from BBN

GrabCAD sold for 77 mEUR

The world’s largest 3D printer manufacturer, Stratasys, signed a deal to buy GrabCAD, an Estonian-founded startup, on Tuesday.

The sale will be finalized at the end of the month with CEO Hardi Meybaum continuing as head of the company. Techcrunch.com valued the sale at around 100 million US dollars, or 77 million euros.

Meybaum said the two companies share the same vision of the evolution of design and manufacturing, adding that GrabCAD will now have better resources to develop.

GrabCAD is a collaborative product development tool designed to help engineering teams manage, view and share computer-aided design files. It has more than one million users.

The company was founded in 2009 by Meybaum in Estonia, but moved to the United States in 2011.

Source: ERR News

Fazer to close Tallinn plant, lay off 95

Finnish food group Fazer announced yesterday it will close its plant in Tallinn in April, laying off 95 workers, reported Äripäev.

Fazer said the move is part of its strategy to consolidate its Baltic manufacturing operations to Latvia and Lithuania.

Read more from BBN

Russian businessman buys historic manor house in Saaremaa

The new owner of the Tõlluste manor house located in Saaremaa is the Estonian subsidiary of Natura Siberica, a Russian-owned natural cosmetics brands, writes Meie Maa.

Businessman Toomas Leis sold the manor house to Russians at the start of August and the property should change hands within this month.

The parties have not disclosed the price, but in the spring Leis was selling the manor house complex for 575,000 euros.

Read more from BBN

Pictures

Businessman Toomas Leis bought the manor in 2007

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