Telliskivi Creative Center Sold for 4.8 Million Euros
The Eastern Europe Real Estate Investment Fund (EEREIF) sold the Telliskivi Creative Center (Telliskivi Loomelinnak) to Swedish-owned Butembo OÜ for 4.8 million euros.
The new owners say they have big plans for the complex and the current team will continue managing it on an everyday level, uudised.err.ee reported today.
The aim of the Telliskivi Creative Center and the management company is to transform the 25,000 square meter former factory complex into an office, entertainment and business center frequented by locals as well as foreigners. The area has grown into a hub for creative start-ups, alternative shops and cafes in recent years.
Festivals and flea markets and other events held at the site have transformed the Kalamaja area into a buzzing hub and sped along the gentrification of the formerly neglected district.
The center currently has five bars and restaurants, 14 shops, a daycare center and offices of various businesses – about 150 tenants altogether.
The real estate fund EEREIF was established in 2008 and it has invested in commercial properties in Eastern Europe. The scheduled liquidation of the fund began in 2013 and the sale of the Telliskivi Maja company was the first sale in the liquidation period.