Analytics, Estonia, Good for Business, Real Estate
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Friday, 26.04.2024, 09:02
Estonian state property management co to sell EUR 20 mln worth of real estate in 2019
"The sales target for 2019 is the biggest in history,"
RKAS states in its yearbook.
RKAS is about to put approximately 250 properties up for
sale in 2019.
Investments into the property portfolio of RKAS are planned
to total some 50 mln euros over the 12-month period. The biggest development
projects listed in the yearbook are installation of technology in the compound
of the new Tallinn Prison and beginning of the construction of the joint police
and rescue service buildings in the southwestern town of Parnu and in Sillamae
in Estonia's northeast.
The ongoing works named in the yearbook include the
construction of the building of the cereals breeding center of
the Estonian Crop Research Institute in the central town of Jogeva,
construction of rescue buildings on the island of Kihnu and in the western
small town of Lihula, and the start of work on rescue buildings in the Tallinn
districts of Nomme and Lillekula.
Designing of the building of the School of Fine Arts in
Tallinn is in the final stages and work to build the structure on Parnu Road in
central Tallinn is about to start. In addition, investments related to the
project for state houses are to be made in Viljandi, Rapla, Valga, Jogeva,
Parnu and Tartu in the amount of over 3.5 mln euros in total.
In addition to developing real estate for itself, RKAS
provides project management services to cooperation partners. Cooperation with
the Ministry of Education and Research in developing state gymnasiums will
continue. A state gymnasium in the northeastern city of Kohtla-Jarve is
about to be completed in the fall, while work on the designs of the state
gymnasiums of Tabasalu, Kuressaare and Laagri is underway. Competitions are to
be announced for the architectural designs of the state gymnasiums of Paide,
Narva and Rakvere, as well as three state gymnasiums in Tallinn, RKAS
said.
Also in 2019, RKAS will organize, as a service,
competitions for the architectural designs of the Environment Building of the
Ministry of the Environment and the complex of the Estonian public broadcaster
ERR in Tallinn, coordinate project management in the designing of the new
building of the Viljandi hospital and health center, set out terms of reference
for the project for the reconstruction of the Estonian National Library in
Tallinn, while work on the design of the project is also expected to start.
In the field of real estate management, under a management
contract concluded with the Ministry of Education and Research some 380,000
square meters of space will be added to the space managed by RKAS, meaning an
increase by nearly one-third. The addition mainly is made up of premises of
vocational schools, institutions of professional higher education, and museums.