T1 Mall Of Tallinn put up for auction with €85 million starting price

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

Trustees in bankruptcy Kristo Teder and Indrek Lepsoo are selling the property belonging to bankrupt AS Tallinna Moekombinaat together with the T1 Mall Of Tallinn shopping center on Peterburi tee 2. The starting price for the auction of the property and the mall is €85 million.

The company will be sold together with the things, rights and obligations belonging to the company as well as related to and serving its management, including contracts related to the company, according to the auction notice. The company to be sold does not include the debtor's trademarks and other movable property encumbered with a commercial pledge.

The shopping center will be sold in the legal and physical condition as it is at the time of the auction. Neither Moekombinaat nor the bankruptcy trustees are liable for any defects, including hidden defects, regardless of the time of their occurrence.

Guarantees, advance payments and other deposits paid to the debtor under lease agreements are not transferred to the acquirer and the acquirer cannot make any claims or complaints against the debtor and the trustees in bankruptcy in this regard. The acquirer of property also does not acquire property on the real estate belonging to the debtor's company which is subject to exclusion by third parties and bankruptcy trustees in bankruptcy proceedings.

From the date of the sale, the acquirer of the assets is responsible for fulfilling existing obligations in relation to the company, including leases. Obligations arising from contracts entered into by the trustees during the bankruptcy proceedings which have become due before the sale of the debtor's business shall not be transferred to the acquirer of the center and the immovable property. Nor will the obligation of creditors to satisfy claims against the debtor in bankruptcy proceedings be transferred.

Registration for the auction began on June 28 and ends at noon on August 27. The auction starts on August 30 and ends on September 20. The increment of the bids to be made at the auction is €500,000. A deposit of €500,000 is also required to register for the auction.

The Tallinn-based Harju County Court in early June declared the bankruptcy of AS Tallinna Moekombinaat, a subsidiary of listed Estonian real estate developer Pro Kapital Grupp, and appointed Kristo Teder and Indrek Lepsoo as bankruptcy trustees. Claims by 20 creditors in the total sum of over €119.5 million have been lodged against AS Tallinna Moekombinaat for the first creditors' meeting held on June 17.


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Editor: Kristjan Kallaste

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