News
Construction gets underway on Keila Keskus financed by Coop Pank
28.06.2024
Construction work on the new Keila Keskus shopping and entertainment centre, which is due to open in 2026, commenced in late May. All of the required demolition work has now been completed, as has the excavation of soil for the building’s foundations. Concreting is currently taking place alongside the installation of external utility lines.
The complex, which is being constructed on land between the health centre and industrial park on Paldiski Highway in Keila, is being financed by Coop Pank. Board member and head of corporate banking Arko Kurtmann describes the decision to finance the project as a ‘no-brainer’ for the bank. “We’re all about making life better everywhere in Estonia, and it’s obvious to us that this new centre will do that for the people of Keila,” he said. “It will bring services that are important to them closer to home and also give them a space for local activities.”
Kurtmann added that every financing decision made by the bank is based not just on the project itself, but also the people behind it. “In our view, Harju KEK is a really solid and really well managed company,” he remarked of the project’s property developers. “That’s why they’re so well respected. As the partner financing the whole thing, that gives us the assurance we need that the project will be a success and benefit the local community.”
Kurtmann says Keila is a rapidly developing town, albeit one which to date has lacked a true commercial hub. “That said, Keila and the western part of Harju County as a whole form a strong and very active business region,” he said. “That’s perfect for us, because we see ourselves as a bank that’s always there wherever people are and things are happening. We’re convinced that Keila Keskus will be more than just a commercial and entertainment complex: it will become a place for the entire community, and one they really enjoy coming to.”
Harju KEK director Janek Lehtmets says the development of the centre, which was costed at 30 million euros, is so capital-intensive that without a financing partner the company would not have been able to take on the project. “Coop Pank is a great supporter of life outside of our big towns and cities,” he remarked. “They thoroughly analysed the plans we made for Keila Keskus and are convinced the project will succeed. We entered into a long-term partnership with them to establish the complex, which will not only give locals somewhere to shop, but also to exercise and enjoy their free time. It will include a cinema, a sports centre, places to eat, a supermarket, clothes stores and other much-needed services.”
The food store in question, adds Kurtmann, will be a Coop Maksimarket. “Its check-outs will function like ATMs, enabling customers to both withdraw money from and deposit cash in their accounts,” he explained. “That option is something people and businesses in smaller towns really appreciate, and Coop is proud to provide it.”
Kurtmann added that every financing decision made by the bank is based not just on the project itself, but also the people behind it. “In our view, Harju KEK is a really solid and really well managed company,” he remarked of the project’s property developers. “That’s why they’re so well respected. As the partner financing the whole thing, that gives us the assurance we need that the project will be a success and benefit the local community.”
Kurtmann says Keila is a rapidly developing town, albeit one which to date has lacked a true commercial hub. “That said, Keila and the western part of Harju County as a whole form a strong and very active business region,” he said. “That’s perfect for us, because we see ourselves as a bank that’s always there wherever people are and things are happening. We’re convinced that Keila Keskus will be more than just a commercial and entertainment complex: it will become a place for the entire community, and one they really enjoy coming to.”
Harju KEK director Janek Lehtmets says the development of the centre, which was costed at 30 million euros, is so capital-intensive that without a financing partner the company would not have been able to take on the project. “Coop Pank is a great supporter of life outside of our big towns and cities,” he remarked. “They thoroughly analysed the plans we made for Keila Keskus and are convinced the project will succeed. We entered into a long-term partnership with them to establish the complex, which will not only give locals somewhere to shop, but also to exercise and enjoy their free time. It will include a cinema, a sports centre, places to eat, a supermarket, clothes stores and other much-needed services.”
The food store in question, adds Kurtmann, will be a Coop Maksimarket. “Its check-outs will function like ATMs, enabling customers to both withdraw money from and deposit cash in their accounts,” he explained. “That option is something people and businesses in smaller towns really appreciate, and Coop is proud to provide it.”