Lahekalda apartments development project next phase construction (Tallinn, Estonia)

OÜ Merko Kodud, part of the AS Merko Ehitus group, has decided to proceed with
the construction of the above-ground volumes of next phase of the Lahekalda
apartment development project located on the Maarjamäe limestone clint in
Tallinn. Within the framework of this development phase two apartment buildings
with a total of 110 apartments will be completed in the fall of 2026.

The apartment sizes of the 8-storey A-energy class buildings being built at
Paekalda 15 and 17 will range from 35 to 124 square metres and the price per
square metre starts from 3,545 euros.

The Lahekalda quarter (www.merko.ee/lahekalda/en
(http://www.merko.ee/lahekalda/en)) is located in Tallinn, between Kadriorg and
Pirita, on the Maarjamäe ridge. The development project is set to deliver
approximately 25 new apartment buildings with more than a thousand apartments
over the next ten years. The courtyards of the buildings have landscaped
recreation and play areas, and in addition, buildings with a commercial and
service function supporting a holistic living environment have been planned for
the area.

The first ten buildings in the Lahekalda quarter with nearly 500 apartments are
ready. The most recent apartment buildings were completed in 2024 at Paekalda
19 and Paekalda 21, and more than half of the apartments in these buildings have
found a buyer.

OÜ Merko Kodud (merko.ee/kodud (https://www.merko.ee/en/kodud/)) is Estonia's
best-known and most trusted residential real estate developer. To ensure the
best quality, convenience and assurance for home buyers, Merko manages all
phases of the development: planning, design, construction, sales and warranty
service.

Additional information: OÜ Merko Kodud, Project Development Director Ms. Ines
Prual, phone: +372 680 5105.

Urmas Somelar
Head of Finance
AS Merko Ehitus
+372 650 1250
[email protected] (mailto:[email protected])

AS Merko Ehitus (group.merko.ee (https://group.merko.ee/en/)) group companies
construct buildings and infrastructure and develop real estate. We create a
better living environment and build the future. We operate in Estonia, Latvia,
and Lithuania. As at the end of 2024, the group employed 605 people, and the
group's revenue for 2024 was EUR 539 million.