EUR 7.3 million raised for Stellar in Tallinn
“Evernord Real Estate Fund V, Evernord’s closed-end fund for informed investors, has raised EUR 7.3 million to finance the construction of a multi-storey residential building in central Tallinn, Estonia. A total of EUR 54 million is to be invested in the construction of the 16-storey residential building, known as the Stellar Tower.
Evernord Real Estate Fund V seeks an annual return to investors of 15%.
“Stellar rises in a particularly attractive location in Tallinn, within a 10-minute walk of the Old Town. Tallinn Railway Station is about 1.5 km away, while the sea and airport are 2.5 km away. This location is experiencing the highest demand for new housing. The Estonian housing market is now likely to have rebounded and is showing signs of recovery. There is a perceived recovery in the more expensive housing segment, with customers willing to pay more than EUR 9 000 per square metre for a prestigious home. “Evernord’s long experience in managing real estate funds allows us to select the most promising projects for investors. “Stellar is one of them”, says Gintaras Rutkauskas, Director of Evernord Asset Management.
According to the developers and contractors, Stellar will be an energy-efficient building that will incorporate innovative solutions to reduce pollution. The modern, urban and resident-friendly architecture will contribute to the sustainable development of Tallinn.
“This project offers future residents all the amenities of a city while at the same time offering peace and privacy. The most important infrastructure for residents – schools, kindergartens, parks, sports grounds, shops, restaurants and cafes – are within walking distance. Once home, residents can enjoy the quiet interior space of the building, offering a variety of recreational opportunities,” says Nikolay Kryzhanovskiy, Partner and Managing Director of Novira Capital, about the project. .
“Stellar is scheduled for completion in mid-July 2027. Stellar will have a total area of 15,606 sqm. A building permit was obtained in autumn 2024 and a general construction contract was signed with the contractor Oma Ehitaja in December. The building will meet Energy Class A and LEED Gold certification standards.
“Evernord and Novira Capital have collaborated on a number of outstanding real estate development projects, including the Novira Plaza Riga business complex in Riga, the capital of Latvia, and a prestigious villa complex in the Marbella region of Spain.