In brief

• Endover, the company set to buy the City Plaza office building in Tallinn, is considering converting it into a residential part.
• The city proposes cancelling the currently valid detailed plan for the building.
• Bank LHV will move in early 2028 to the neighbouring development City Plaza 2.

Renovation plans

The Tallinn city government has presented the city council with a proposal to cancel the detailed plan covering the City Plaza building. The new owner is considering converting the property into a commercial and residential part without enlarging its volume (Owner plans apartments for current LHV headquarters in downtown Tallinn – ERR News) (LHV peamaja peatne omanik plaanib sinna kortereid ehitada – ERR) (Omanik plaanib LHV peamajja Tallinna südalinnas korterid ehitada – ERR).

Owner and land register entry

The building, completed in 2004, belongs to City Plaza OÜ, a company whose majority shareholders are the owners of the developer Estconde. In February, a preliminary entry was made in the land register securing the future transfer of ownership to Endover Assets.

Price and transaction timeline

In the summer, the Ehitusleht portal reported that Endover would pay 23 million euros for the property. The parties do not comment on the price or the terms of the transaction, citing a confidentiality clause. Completion of the transaction is planned for next year. According to the accounting valuation, the building is worth 21 million euros (Endover ostab LHV peakontori ja ehitab sinna kortereid – aripaev.ee).

Change of use and the city's position

Changing the building's function requires first cancelling the currently valid detailed plan. Tallinn Deputy Mayor Tiit Terik announced that Endover's representatives contacted the city and expressed interest in adapting the building into apartments.

Company plans and LHV's move

Endover is responsible for the project. Bank LHV, the current main tenant, will move in early 2028 to the neighbouring development City Plaza 2.