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Center Party's Toompea property eyed for purchase by real estate company

The headquarters of the Center Party on Toom-Rüütli Street in Toompea, Tallinn.
The headquarters of the Center Party on Toom-Rüütli Street in Toompea, Tallinn. Source: (Martin Dremljuga/ERR)

The Center Party is seeking to sell its headquarters on Toom-Rüütli Street in the Toompea neighborhood of Tallinn's Old Town. One interested buyer is Invego, a real estate company managed by businessman Kristjan-Thor Vähi, husband of Olympic gold medalist cross-country skier Kristina Šmigun-Vähi.

Vähi told daily Postimees (link in Estonian), that he has viewed the property and is analyzing an offer.

The sale of the Center Party-owned property is complicated by the fact that the senior coalition party owns only one half of the building, while the other half is owned by the City of Tallinn.

Tallinn City Council will on Wednesday discuss the proposal to sell the city's share of the property for €1.137 million at public auction.

The building is estimated by experts to be worth €2.5-3 million, and an agreement for sale is likely to be reached at approximately €2.7 million.

Headquarters to be sold to cover party debts

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.

Then-party secretary general Jaak Aab told ERR in May 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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