Capfield: Porto Franco in Tallinn would be good for port area's development

Speaking on the sidelines of the opening of the Nautica shopping center after a comprehensive overhaul on October 19th, Ruben Gornischeff, board member of Nautica's developer Capfield OU, said that completion of the Porto Franco center situated not far from Nautica would be good for the development of the entire area of the Tallinn passenger port, informs LETA/BNS.

"If Porto Franco ever is to be, either as a shopping center or as a mixed type of development, it rather will be a positive development for us. This is because every new development will add value to the port area, will hopefully bring here new residents and people who work here. Inconclusion, it is positive for us when the port area develops," Gornischeff told BNS - writes

"At the start we indeed had certain questions as to how Porto Franco will affect our mall. But now, as the Porto Franco project remains in alimbo, the questions that we have rather are about what will become of this project after all and what will eventually be there," Gornischef added.

"The concept and location of our mall are strong enough for us not to see Porto Franco as a major competitor," the Capfield board member said.

The Porto Franco project that is still looking for an investor is for a complex of buildings with a seaside promenade to be built next to the Admiralty Inlet in the area of the Tallinn passenger port. The major owner of the project is Estonian businessmanHillar Teder. The project is currently in thestage of a hole in the ground, which according to Teder has cost 10 million euros.

Capfieldon Thursday opened the Nautica shopping center in the Tallinn port area after an expansion and overhaul costing more than 11 million euros. As a result of the overhaul, the size of the former Norde Centrum mall almost doubled.

Capfieldis an owner and developer of shopping centers. Its portfolio is made up of six shopping malls in Estonia with atotal leasable area of 80,000 square meters and of land plots slated for development.

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