Estonian property developer Trigon Property Development said it plans to issue up to EUR 127 mln in shares to fund construction of a shopping centre development project near the Estonian capital Tallinn. Trigon is entering what is known as The Gate Tallinn Project through a strategic partnership with Chester Universal OU and will pay for its stake in the project with Trigon Property shares. The shares will be issued in February.
Estonian property developer Trigon Property Development said it plans to issue up to EUR 127 mln in shares to fund construction of a shopping centre development project near the Estonian capital Tallinn. Trigon is entering what is known as The Gate Tallinn Project through a strategic partnership with Chester Universal OU and will pay for its stake in the project with Trigon Property shares. The shares will be issued in February.
The project involves building rights for 240,000 m2 located near the border of Tallinn. About half of this will be developed as a retail shopping centre and the rest used as storage, logistics and commercial space, Trigon said.
Trigon Property was spun off from furniture maker AS Viisnurk in September with one development project in the southwest of Estonia. It intends to significantly expand its property holdings in Central and Eastern Europe.
