The City of Tallinn signed a MOU with the shipping giant Tallink Grupp AS and Infortar, one of the largest investment companies and a major shareholder of Tallink, in order to go ahead with the plans of developing the City Hall into an international conference and concert centre with a harbour, hotel and a business centre of its own.
To carry out the project, the City of Tallinn, AS Tallink Grupp and AS Infortar will establish a joint venture, in which the City of Tallinn will hold 34 percent, AS Tallink Grupp 33 and AS Infortar 33 percent. Upon the establishment of the joint venture, the shareholders shall contribute one million euros in proportion with each shareholder's part. In addition, the City contributes to the joint venture with the property of City Hall and the properties adjacent to the City Hall, and AS Tallink Grupp and Infortar will provide the necessary capital for the investment. The City of Tallinn has no additional financial obligations. The estimated cost of the whole project is approximately EUR 300 million.
“Tallinn has found strategic partners with whom we can cooperate in the City Hall development. The City Hall will be an international conference and concert centre that will revitalize the tourism sector and the economy at large, create jobs and generate profits for the city in the future. Creating a passenger port next to the City Hall will bring enough tourists to the centre, making the investment profitable,” said the Mayor Mihhail Kõlvart. “The realization of the project in this form should mean both a comprehensive urban space solution in the City Hall area and synergies between different policies,” added the Mayor. www.talinn.ee/eng