Tallinn's Patarei Sea Fortress was officially handed over to its new owner on Wednesday after it was sold at auction in order to undergo a renovation.
Kati Kusmin, Chairman of the Board of State Real Estate (RKAS) and Urmas Sõõrumaa of US Invest, signed a contract transferring the fortress in Kalamaja to the new owner Nikolai First OÜ.
The fortress was sold at a public auction for €4.601 million. The sale was only allowed on the condition the developer would reconstruct the building and its surroundings.
The area consists of four properties: Kalaranna Street 28, Kalaranna Street 30, Kalaranna Street 32 and Vesilennuki Street 2, which are subject to detailed plans in the Patarei and Lennusadam area. The rights and obligations arising from the detailed plans are transferred to the new owner.
New apartments, stores, cafes and offices are planned for the development.
Editor: Helen Wright