E.L.L. Kinnisvara AS, one of the leading business and trading real estate development companies in the Baltic countries, plans to open the Panorama City shopping and recreation center covering 77,000 m² in the limits of the city center of Tallinn in spring 2014.
The development of the largest shopping center in Estonia in the immediate vicinity of the living and traffic area of about 220,000 people is financed by E.L.L. Kinnisvara out of its own funds and with the support of Swedbank. The developer of the center sees as the primary target clients residents of the city center, Kadriorg, Lasnamäe, Pirita, Merivälja, Viimsi and other areas in the vicinity. The rough cost of the project is approximately €100 million.
According to Aldo Dapon, Chairman of the Board of E.L.L. Kinnisvara, a total of more than 55% of the agreements have been or are being concluded as of today, covering the overwhelming majority of the area to be rented out in the center and active work in this field is continuing.
"The anchor tenant of Panorama City will be Rimi with its supermarket of approx. 7,300 m². Another key partner will be the Apranga Group, one of the leading merchants of fashion items in the Baltic countries, which will open in the center a total of 13-14 stores representing internationally known trademarks on 4,800 m² area in total.
"Both of the companies are our long-term partners and we are related through multilevel cooperation in different countries. Our positive cooperation experience gave grounds to the relationship based on trust and lets us continue with new projects together," Dapon said.
RIMI Eesti Food AS managing director Anders Lorentzon said that their long-term cooperation with E.L.L. Kinnisvara gives RIMI a great opportunity to be represented in Estonia's biggest shopping center. "We are sure, that RIMI hypermarket in Panorama City will be able to offer a lot of benefits to its customers," Lorentzon said.
"Apranga group has a positive and long-term partnership experience with E.L.L. Real Estate, therefore we have plans to open 13 to 14 stores in Panorama City. At the same time we expect Panorama City will become unique, exclusive and the best shopping center in Tallinn city", said Rimantas Perveneckas, Apranga group general manager.
"Current Estonian economical climate gives us hope that the tendency of growth in the retail market will continue. That is why Swedbank is ready to support this new perfectly located shopping center," said Robert Kitt, Swedbank AS board member.
The developer of the center, E.L.L. Kinnisvara, will conclude a construction agreement with Merko Ehitus in autumn 2012 at the latest. By that time the required preparations will have been performed and a building permit will have been issued.
According to Dapon, the Panorama City shopping center to be opened in spring 2014 will become the largest fashion and recreation center for the whole family in Estonia, providing its visitors with a wide range of products, services and novel experience of spending leisure time.
"Thanks to the large number and choice of stores special attention has been paid to the functionality of the plan and to the establishment of smooth connections between different floors of the center. Elaborate and spacious parking possibilities make a visit to the center very convenient," Dapon said.
The Panorama City center will offer its visitors new and already known trademarks. The center will house favorite fashion trademarks; in addition to stores operated by Apranga, also the following brands popular and known on the Estonian market: Next, Pierre Cardin, Monton, Mosaic, Ivo Nikkolo, Baltman, Denim Dream, Mustang, Rademar, Envy, NS King, ABC King, SHU, I.L.U., The Body Shop, Ideaal Kosmeetika, Goldtime, K.U.L.D., Pandora, etc. "The center will also bring into Estonia for the first time several world-famous trademarks that we will not disclose before final conclusion of agreements" Dapon mentioned.
The total area of the Panorama City shopping center will be 77,000 m²