Tallinn’s main shopping center will be auctioned off for debt

The initial value of the 55,000 sq.m. complex is €85 million.

Shopping and entertainment center T1 Mall of Tallinn, one of the main shopping malls in Tallinn, will change its owner. Local news agencies reported that the bankruptcy managers of the complex, Indrek Lepsoo and Kristo Teder, had put the object up for auction. 

The initial price of the lot is 85 million euros. Bidding will take place from August 30 to September 20, 2021. For the purchase of the organizers from potential bidders, the required $500 is a deposit. 

It is noted that the four-story shopping center, uniting more than 200 stores, is subject to debt obligations and contracts with tenants. Mall T1 in Peterburgskoe is managed by the company Tallinna Moekombinaat, which was declared financially insolvent this summer. 

T1 is considered to be one of the largest and most visited malls in Estonia. The mall, commissioned in 2018, has a total area of 55,000 square meters. One of the distinguishing features of the complex is the Ferris wheel installed on the roof. Experts note that the mall’s business has suffered amid the pandemic and restrictions. During the lockdown period, the mall stood half-empty for a long time, which led to a significant decline in key operating indicators and the formation of a high debt load. 

Photo credit: depositphotos.com.