Third-time lucky for T1 Mall of Tallinn potential buyer

A potential buyer for an ill-fated Tallinn mall has been found, at the third attempt.

The T1 Mall, south of the city center, opened in 2018 but was dogged with problems even before the pandemic arrived, and was forced to declare bankruptcy in April this year.

An initial auction for the property, at Peterburi tee 2 in the capital, with an asking price of €85 million, drew a blank, as did a second auction with a starting price of €65 million – while four parties registered for the second auction, none bid in the event.

However, a €55-million bid has been made at the third and latest auction, which opened Wednesday, bankruptcy trustees have announced.

The online auction is still ongoing, meaning the opening bid is not confirmed as final and from the ultimate buyer, yet – this will be done Thursday, ERR reports.

The T1 mall is still open to the public, but remains more of a curio since store spaces are largely vacant.

One of its most iconic features is a roof-top ferris wheel (see photo).

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Editor: Andrew Whyte

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