The price of Maardu manor was lowered to 1.49 million euros

The Executive Board of Eesti Pank decided to lower the price of the Maardu manor property, which was put up for sale a year ago, from 2 million euros to 1.49 million euros.

“There was interest in buying the manor, but it seems that 2 million euros was not the right price. We are still interested in selling Maardu manor, as we use it only rarely. Owning the Maardu manor property does not fit with the principles of an efficient organisation,” said Eesti Pank Governor Ardo Hansson.

Eesti Pank first put Maardu manor up for sale in February 2015. An earlier obstacle to the sale of Maardu manor was that it was surrounded by unreformed state land that could not be sold. Eesti Pank started the process of registration in autumn 2013 and it was completed in January 2015. The central bank discussed Maardu manor with the Ministry of Finance and the national property office, but it became clear that the state had no interest in buying the property.

Eesti Pank purchased the Maardu manor property in 1993 and renovated it thoroughly over the years.

In autumn 2013 Eesti Pank sold a property with two buildings in Kuressaare for 550,000 euros to Arensburg OÜ, which runs the Arensburg Hotel near to the former central bank property. The private owner managed to make the property operate successfully and brought new jobs to Saaremaa.

After selling Maardu manor, the central bank will only own the buildings at Estonia puiestee in Tallinn.

Eesti Pank took tenders from four real estate companies to act as advisers for the sale of the manor property, and chose the real estate company Colliers International Advisors.

Source: Bank of Estonia

See photos here


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