Estonian developer plans large project in Riga

  • 2012-06-14

TALLINN - Estonian property developer Urmas Soorumaa intends to start reconstruction of a building complex Rigas Sporta Pils, Estonia's news portal BBN reports.

The project's costs are calculated at around 100 million euros.

Soorumaa's investment company Rotermann Grupp carries on discussions with potential investors from the USA and Asia, informs LETA.

The entrepreneur expects to launch the project by the end of this year; however, the function of the re-built premises has not been defined yet. As Sõõrumaa stated, it might be an ice stadium, or a business area.

The building complex 80,000 square meters floor area.

Soorumaa acquired the 2.5 hectare property in central Riga from Andris Skele.