The property, at Narva maantee 8 in Tallinn, has in the past housed the Defense Resources Agency (KRA) and the Estonian Defense Forces' reserve officers' association (Reservohvitseride kogu).

The buyer has been announced as Siamco Invest, though the company says its future plans for the building have not yet been finalized.

The plan to sell the property was initiated in January last year after having long been vacant and surplus to ministry requirements.

However, an initial auction, held last summer, failed due to low interest, and a second attempt earlier this year also failed to find a buyer.

A winning bid of €1.145 million off of a starting price of €700,000 was achieved in the summer, but this fell through.

A fourth auction, held early on this month, opened with a reserve price of €800,000, and found eight companies signing up to take part.

The winning bidder from Siamco Invest OÜ came to €1.285 million.

Siamco Invest, founded in 2021, is owned by businessmen Igor Berman and Mark Berman, who are not yet revealing their plans for the building.

Mark Berman told ERR: "We have not yet become the official owners; this is a long-term project," adding that there are various possibilities, but nothing definite has been decided yet.

The Ministry of Defense plans to sign the sale agreement with the auction winner by February 14, 2025, at the latest.

Narva maantee 8 was most recently used by the military headquarters' accountancy department.

The five-story building, built in 1956, has a total area of 855 square meters.

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