Construction contract termination in Estonia (hotel building in Tallinn)
The construction contract for building a hotel at Tartu mnt 49, entered into on February 12, 2020, between AS Merko Ehitus Eesti, part of AS Merko Ehitus group, and GVP Invest Estonia OÜ was terminated by agreement of the parties.
After the pandemic started, the rapidly changing situation on the construction and accommodation markets did not favor starting the construction works under the terms of pending contract, therefore the parties decided to terminate the contract.
AS Merko Ehitus Eesti (merko.ee) is Estonian leading construction company, which offers construction services in general construction, civil engineering, road, electrical and residential construction.
Additional information: AS Merko Ehitus Eesti Chairman of the Management Board, Mr. Ivo Volkov, tel. +372 680 5105.
Urmas Somelar
Finantsüksuse juht
AS Merko Ehitus
Telefon: +372 650 1250
E-post: urmas.somelar@merko.ee
AS Merko Ehitus (group.merko.ee) group consists of AS Merko Ehitus Eesti in Estonia, SIA Merks in Latvia, UAB Merko Statyba in Lithuania and Peritus Entreprenør AS in Norway. Besides providing construction service as a main contractor, the group’s other major area of activity is apartment development. As at the end of 2020, the group employed 666 people, and the group’s revenue for 2020 was EUR 316 million.
