Experienced mall developer hired to help save T1 Mall of Tallinn

T1 Mall of Tallinn.
T1 Mall of Tallinn. Source: ERR

The largest creditor involved with the strife torn T1 Mall of Tallinn, Sixth Street Partners, has hired Jaan Lott to help make the entertainment center more attractive. Lott has over 20 years of experience in shopping center development.

Lott spoke on Vikerraadio's "Uudis+" about the future of shopping centers, saying that hotels, restaurants and entertainment have become an important piece in the development of shopping centers. At the same time, the focus of centers is again changing because the mentioned locations were hit hard by the coronavirus.

Lott thinks the location of T1 at Ülemiste is of the most attractive in the last 25 years because of the proximity of the airport, a major highway (Tartu maantee), Ülemiste City business park, and Rail Baltic. Those are the keywords Lott refers to when speaking of the centers' fit in its surrounding urban ecosystem.

Lott explained his vision: "The next great successes are not developments of new centers, but the reinvigoration of existing ones."

He added that he sees consulting the T1 development team as an exciting challenge.

Lott said the disclosing of detailed plans is currently not possible because of the ongoing court process.

On April 3, AS Pro Kapital Grupp notified about the initiation of reorganization proceedings of its subsidiary, AS Tallinna Moekombinaat.

On May 7, Pro Kapital announced that AS Tallinna Moekombinaat had submitted a reorganization plan for the acceptance of its creditors, outlining a brief summary of the measures to be applied in the plan.

On June 15, Harju County Court decided to continue with the reorganization proceedings of an AS Pro Kapital Grupp subsidiary, T1 Mall of Tallinn owner Tallinna Moekombinaat, by appointing two experts to evaluate the reorganization plan and the court will decide on the approval of the reorganization plan not later than on August 10.


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Editor: Kristjan Kallaste

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