Second auction round of bankrupt Tallinn shopping mall draws blank
No bids were received at the second round auction of a bankrupt shopping mall in Tallinn, meaning a third round is likely.
Indrek Lepsoo, bankruptcy trustee of AS Tallinna Moekombinaat, which operated the ill-fated T1 mall, said: "The price is falling. We are expected to announce a new auction at the beginning of the new week," adding that the trustees are aiming to find a buyer for the center as quickly as possible.
"The center is open to visitors," Lepsoo added.
Despite Thursday's failure to find a buyer, a third round is expected next week, ERR reports.
Round one of auctioning failed to draw any opening bids based on a starting price of €85 million.
Round two saw a starting price of €65 million and, while four potential visitors registered for the auction by the deadline of October 11, none of these converted into actual bids.
Harju County Court declared AS Tallinna Moekombinaat bankruptcy in early June, and appointed Kristo Teder and Indrek Lepsoo as bankruptcy trustees. Claims by 20 creditors in the total sum of over €119.5 million had been lodged against AS Tallinna Moekombinaat at the first creditors' meeting held on June 17.
The mall opened in late 2018 and is most well-known for its roof-top ferris wheel, but struggled from the outset to attract tenants.
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Editor: Andrew Whyte
