Center Party close to reaching deal with Toompea property buyer ({{commentsTotal}})

Center Party Secretary General Jaak Aab (right) in front of the party's headquarters in the Toompea neighborhood of Tallinn's Old Town.
Center Party Secretary General Jaak Aab (right) in front of the party's headquarters in the Toompea neighborhood of Tallinn's Old Town. Source: (Siim Lõvi/ERR)

The Center Party has drawn up a preliminary contract for the sale of its Toompea, Tallinn property. According to party secretary general Jaak Aab, per the agreement, the buyer and price will not be revealed before the final confirmation of the transaction.

The Center Party had previously hoped to sell the Toompea property in April, however according to Aab, it is now only a matter of days until the preliminary contract is signed. He told ERR on Thursday that the drafting of the purchase and sales transaction will likewise take time.

According to the secretary general, Aab said that the Center Party has begun searching for a new space in Tallinn, which they plan to rent.

The City of Tallinn also owns space on the Toom-Rüütli 3/5 property; the Center Party has determined that it would be financially more useful to sell the building together with the city.

Experts have already appraised the Toom-Rüütli Street porperty, however Aab has not revealed the appraised value to the press and declined to do so on Thursday as well. "I believe that the appraisal figures were expected and adequate," he commented.

According to experts at LVM Real Estate, the Toompea property is worth at least €3 million.

Last fall, Harju County Court established a judicial mortgage on the property to secure an action brought by Midfield OÜ, a company of the Center Party's longtime campaign manager Paavo Pettai. Midfield turned to arbitration to have the financial obligation arising from letters of guarantee issued by the party met and to have the action secured. The mortgage to secure the €730,000 claim was set at €800,680.

Aab told ERR on Thursday that the Center Party is covering its financial obligations from current revenue and by selling their Toompea property, they will be able to meet any potential additional financial requirements.

Editor: Aili Vahtla

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