Kosmos in Tallinn drops lease with company behind new cultural center
Kosmos Kino has terminated its lease with Tähesüsteem OÜ, the company that had only recently reopened the Central Tallinn site as a cultural center.
Kosmos Invest Kapital OÜ on Thursday announced the termination of its lease with Tähesüsteem OÜ, a company led by Rene Reinumägi and Risto Rätsep, due to recent news generating significant public response.
Located on the corner of Pärnu maantee and Liivalaia tänav in Central Tallinn, the movie theater had only just been reopened as a new cultural center early last month.
"The business plan presented by the tenants gave Kosmos Kino reason to be optimistic that interesting events would start being held at Kosmos movie theater, making the building an attractive location," the statement said. "The tenant was provided with substantial financial concessions and favorable lease terms to provide the best chances for success."
Despite these expectations, under Tähesüsteem OÜ's management, Kosmos became the site of unclear and poorly organized activity.
"The investors supporting the business plan disappeared, and events were organized with inadequate preparation, leading to chaotic outcomes," Kosmos Invest Kapital described. "This let down eventgoers while also tarnishing the reputation of the entire venue."
While Kosmos Kino "gave the tenant the opportunity to improve the situation, the expected changes did not occur, which made terminating the lease [our] only option."
Kosmos movie theater is currently closed, but its owners hope to reopen the building for various cultural events at the historical venue.
"Until further notice from the owners, the building will not be open to the public," Kosmos Invest Kapital noted. "Only private vents will be organized on request."
Rene Reinumägi could not be reached by ERR for comment on Thursday.
On March 8, nearly three years after it closed its doors, Tallinn's iconic Kosmos movie theater was reopened as a new cultural center, described ahead of its opening by organizers as a place bringing together film, theater, music and more.
Most recently operated by Cinamon, Kosmos closed as a movie theater in March 2022.
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Editor: Johanna Alvin, Aili Vahtla
