Ülemiste mall in Tallinn borrows EUR 84m for expansion

The Ülemiste Center has concluded with SEB Bank a 5 year loan facility agreement amounting to 84,5 million euros.

One-third of the loan sum amount is designated to finance the Ülemiste Center expansion while two-thirds will be used to refinance current loan. The total amount invested into the centre’s expansion is about 40 million euros.

Ülemiste Center (opened in 2004) is a family shopping centre accommodating over 150 stores and service providers. The owner and developer of the Ülemiste Center is Linstow AS (Norway), a company managing and developing commercial properties in the Baltic countries (incl. five shopping centres in Latvia), Norway, Portugal, Sweden and Russia. In Estonia, the company owns in addition to the Ülemiste Center also Radisson Blu Hotell Olümpia and Park Inn Central Tallinn. Linstow is owned by the private investment company Awilhelmsen AS.

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