Investment firm Brave Capital OÜ has just purchased 2600 square metres of land in the centre of the Mustamäe district of Tallinn, according to a report at Delfi Majandus.
Buying the land via Brave Capital-controlled Barensholm OÜ, the plot already had a valid detailed plan assigned to it in place, for residential building on the site.
According to Brave Capital board member Veljo Kuuse, the company hopes to develop an amenable residential area within the locale. “The goal is to create, in collaboration with local government, a local, state of the art landmark” said Mr. Kuuse.
The location, Tammsaare 89A, currently comprises an underground car park area. It was sold at auction, with an opening price of 3.22 million Kroons (approximately 205,800 Euros).
Mustamäe, located to the west of the city centre, is the greenest and leafiest of the three Soviet-era residential districts. It has seen some rejuvenation in recent years, and is notably the home of Tallinn Technical University and the Tehnopol technological business park, which hosts several technological companies including Skype.