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New flagship project from Estonia, that we have been working on for more than a year and it's now ready to be published on the platform. The project will be implemented by our SPV - RE24 Rae OÜ.
This residential development project is located in one of the fastest growing suburbs close to Tallinn, Rae municipality. It is a highly valued living area, as it is very close to Tallinn and has been developing rapidly over the past 10 years. The population in Rae municipality has grown more than 60% in the past 10 years, the biggest growth by far among all municipalities in Estonia. The infrastructure on this side of the city is the most developed, as the biggest highway (Tartu mnt) enters the city from there. It takes just 10 minutes by car to reach the city center from the Tallinn border. Our property is located 900m from Tartu mnt highway, from where its just 2 minute drive to reach Tallinn.
Rae is the richest municipality in Estonia, which is also one of the reasons for the fast development. From 2021-2024, the Rae municipality is investing more than 40m EUR into the area, building new schools, kindergartens, roads and other social facilities. The municipality is also planning to invest 4m EUR in 2026 to extend the tram line from the border of Tallinn to the area, bringing Tallinn even closer to its residentents.
The new houses will be built on land with a cadaster number 65301:002:0501. The total area is 11,4 hectares, which will be divided into 47 separate plots, where it is planned to build 24 single houses, 12 terraced houses with 4 units each and 2 commercial buildings. The rest of the plots will be public areas. Each single house will be built on ~1500 m2 separate plots and terraced houses on 2400 m2 plots. All the single houses will have a total area between 140 to 200 m2 and terraced house units between 110 to 130 m2.
This object has passed Reinvest24 risks assessment and is secured by Collateral Agent mortgage.