RASK consults client on acquiring valuable residential development area in Tallinn.


RASK advised a client in execution proceedings to acquire the Tivoli residential development area. The transaction was for 9.36 million euros.

RASK prepared all transaction documents for the buyer. Among other things, RASK advised the client on the procedure for claiming a VAT refund, as a result of which the Estonian Tax and Customs Board refunded the client a sum that was probably the largest individual VAT refund in 2013 (1.56 million euros).

The Tivoli residential development area is a seafront real estate development located in the heart of Tallinn next to Kadrioru Park. The detailed plan in force allows building up to 14,840 (up to 21,150 with additional underground levels) square metres of residential and business space.