Construction contract in Estonia (below grade construction works of Liivalaia business and residential complex, Tallinn)

On 8 February 2021, AS Merko Ehitus Eesti, part of AS Merko Ehitus group, and OÜ Tiigiveski Arendus, part of AS Kapitel group, have entered into a contract to perform construction works of Liivalaia business and residential complex at Liivalaia St. 34 and 36, Tallinn.The contract includes below grade construction, i.e. below ground level construction works together with construction of external networks. The contract value is approximately EUR 14 million, plus value added tax. The below grade construction works will take approximately 19 months.The Liivalaia Business and Residential Complex with the gross area of 77,000 m² and leasable area of 36,000 m² comprises of three buildings and a parking house connecting them. According to the developer’s plans, the 9-storey residential building with 3,000 m² of rental apartments will be completed in January 2024; the 15-storey office building with the leasable area of 9,000 m² will be completed in May 2024; and the 28-storey office building with the leasable area of 19,000 m² will be completed in August 2024. There will be 5,000 m² of various catering and services areas; a two-storey underground parking garage and a parking house will have in total of 470 parking spaces together with Estonian largest indoor bicycle parking.Nearly zero energy buildings have been designed based on level Excellent of the international BREEAM standard. In addition to the new buildings, the developer will build two new access roads, a public park and a green zone.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.AS Kapitel (kapitel.ee) is one of the Baltics’ largest real estate companies, which is developing and managing shopping centres, hotels and office buildings. The group real estate portfolio includes over 185,000 m² of leasable area.Additional information: AS Merko Ehitus Eesti, Director of the General Construction Division, Mr. Marek Hergauk, phone: +372 680 5105.Priit Roosimägi
Head of Group Finance Unit
AS Merko Ehitus
+372 650 1250
priit.roosimagi@merko.eeAS 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 2019, the group employed 694 people, and the group’s revenue for 2019 was EUR 327 million.AttachmentLiivalaia.jpg