Private property investment company Boultbee has acquired the modern SAS Radisson Hotel in Tallinn city centre for an undisclosed sum. The SAS Radisson offers accommodation and conference facilities located just a ten-minute drive away from Tallinn Airport and the City Harbour. The complex includes 280 rooms and has the capacity to host large events for up to 350 people. It also provides 30,000 sq ft (2,800 m2) of office space.
Private property investment company Boultbee has acquired the modern SAS Radisson Hotel in Tallinn city centre for an undisclosed sum. The SAS Radisson offers accommodation and conference facilities located just a ten-minute drive away from Tallinn Airport and the City Harbour. The complex includes 280 rooms and has the capacity to host large events for up to 350 people. It also provides 30,000 sq ft (2,800 m2) of office space.
The first SAS Radisson hotel in Estonia had a market value of some EUR 40 mln when it opened in 2001. Previous owners of the project were Finnish company SRV Development, Finnish Fund for Industrial Co-operation (Finnfund), SAS Hotel Investment from Denmark and the Investment Fund for Eastern Europe, also from Denmark.
Steve Boultbee Brooks, Managing Director of Boultbee, commented: 'After our recent purchase of the Sikupilli Centre, near Tallinn, we wanted to seek out more deals in the area. The SAS Radisson Hotel is a magnificent building, with excellent facilities for both business people and tourists.'
Boultbee said it is keen to continue to expand its portfolio within the Nordic region after recently completing the biggest retail property deal in Europe this year to purchase the EUR 1.1 bn CentrumKompaniet portfolio from the city of Stockholm. In addition to the CentrumKompaniet portfolio, Boultbee owns the Kamppi Centre in Helsinki and is a key investor across the Nordic region. Boultbee was advised by its sole retained agent Peter Goldstein who represents Boultbee in Estonia.
