Renewal of lease contract with Viru Keskus

Kaubamaja AS, a subsidiary of TKM Grupp AS, renewed the existing lease contract with AS Viru Keskus for four years, until 2032.

Kaubamaja has been the largest lessee of Viru Keskus since its opening in 2004. Kaubamaja AS has approximately 8,700 m2 of retail space in Viru Keskus, where the beauty, women’s fashion, and food departments of Kaubamaja are located.

Renewal of the lease contract will not affect the development plans for the new sales building of Kaubamaja. The Estonian Association of Architects, together with the Tallinn City and developers, has recognized the architectural design of City Break, a joint work of Estonian and Spanish architects, as the best in the architectural competition organized for the construction of Gonsiori 2 and Rävala 6 properties. The city has currently suspended the proceedings of 2018 application for issuing design specifications and developers are awaiting for an approval of the Tallinn Urban Planning Department to the traffic solution corresponding to the winning design of the architectural competition. The goal of the winning design is to build a representative quarter in the heart of the city as a whole, which shall be observable from four sides and a part of the modern urban space that interacts with pedestrians at street level.

TKM Grupp AS will inform the stock exchange of any significant steps taken in relation to the construction of the new sales building and of the investment volumes and will issue more detailed information in accordance with the rules of the stock exchange.