From car park to modern apartment building
Address: Ao 2, Tallinn
Project type: Rental/Development
Purchase date: 06/2015
Exit date: 02/2018
Investment amount: 780,500€
Net returns earned for investors: 13.8%
Our real estate instincts told us to purchase the Ao 2 plot in the centre of Tallinn, in the up-and-coming Kassisaba neighbourhood. The area had potential but the existing run-down buildings had to be demolished in order to secure a profitable return. After demolition, we rented the empty plot to Europark Estonia, a leading parking company, earning our investors a monthly rental yield. Our team then secured detailed planning and all the necessary permits for the construction of a new modern apartment building in the booming area.
Thanks to the added value granted by permits, extensive legal work and communication with local authorities, our team managed to provide investors with an attractive return whilst still offering monthly rental income from the parking site. Our team ended the investment on a high note by successfully selling the plot with all its permits to a local development company. It is now an attractive residential property in the heart of Tallinn, and a project we are all very proud of.
This object has passed Reinvest24 risks assesment and is secured by Collateral Agent mortgage.