Foorum Centre in Tallinn to be sold to US Real Estate
Ellex partner in Estonia Martin Käerdi and Associate Karin Tartu advised the sale of Foorum Centre next to Rotermanni Quarter in Tallinn to real estate company US Real Estate.
US Real Estate acquires Foorum Centre from Forum Invest OÜ and Forum Valduse OÜ. The seller was advised by Ellex in Estonia and Redgate Capital in cooperation with Newsec Baltics. The transaction will enter into force after receiving permission from the Competition Authority in the fall of 2022.
The goal of US Real Estate, owned by Urmas Sõõrumaa, is to create a more complete business environment around Rotermanni and Foorum Centre. “Our goal is to improve the surroundings of the Rotermann quarter even more and give the area next to the city’s busiest intersection a new lease of life,” Sõõrumaa said. “The Golden Gate office building at Ahtri 6, which is currently under construction and will be completed in 2024, creates an excellent connection with the seaside area, and the acquisition of Foorum Centre is part of our plan to open Rotermanni Quarter towards the Narva Road as well.”
Foorum Centre is an A+ class commercial building located at the intersection of Hobujaama Street and Narva Road. The first floor of the office building has a shopping street that connects Hobujaama and Narva highways. Office spaces are located on the upper floors. There is a total of 9,600 square meters of leasable space, half of which is commercial space and half is office space. The entire building is fully leased to 50 tenants, the largest of which are KPMG, Vapiano and Swedbank. There are 135 parking spaces on the underground floor.
The city of Tallinn has signed a contract for the construction of a tramway, according to which the new tramway will run between Rotermann and Forum. As a result, Hobujaama street and square will get a new lease of life and visiting the center will become even more convenient for everyone, US Real Estate announced.
US Real Estate is a real estate company owned by Urmas Sõõrumaa, with a real estate portfolio of more than 100,000 m2 of rentable space and more than 200,000 m2 of space under development, including Golden Gate, Laeva tn 5 property, Patarei Seafortress and Park Tondi. US Real Estate’s development projects also include Rotermann Quarter.