Fausto Capital OÜ and AS Merko Ehitus Eesti have signed a contract for the first phase of construction for the Fahle Park site. The former Zellulos complex at Tartu Mnt 80 in Tallinn covers 100,000 sqm. Approximately half of the first phase of development will be centred around the 16,000 sqm Estonian Media House office building, which will house 550 employees when complete. This phase of construction will also include exclusive apartments, leisure venues and a sports club. Building is expected to commence this month and end in July 2019. The contract for this first phase of construction is reported to be worth €3.8 million, plus VAT. This comes after a €13.3 million loan to finance the project was gained by Fausto Capital OÜ and Luminor in February 2018.
