Tallinn is offering the City Hall to US billionaire Lauder’s

According to the notice issued by Tallinn city administration they have found an investor for the City Hall (Linnahall)—an enterprise where the US billionaire Ronald Lauder is a majority shareholder, aripaev. ee writes.

“We’re dealing with a preliminary agreement where the building rights are the base of the negotiations over the terms,” Deputy Mayor Taavi Aas explained. “Pre-agreement fixes those standpoints that the two sides will be discussing. The aim of the two sides is to design the City Hall into an attractive and versatile entertainment complex, at the same time, considering the historical and architectural stipulations,” he added.

According to Aas an US company established in 2007, Tallinn Entertainment LLC, is interested in investing into this voluminous venture and its’ goal is to bring a lot of entertainment into Estonia including accommodation and cultural events as well as luxury hotels, entertainment establishments, music and art. The owners of the Tallinn Entertainment LLC are RSL Capital, GF Capital Management & Advisors and Remi International, all in equal parts.

RSL Capital belongs to Ronald S. Lauder who one of the worlds biggest art collectors and philanthropist. In 2007 Forbes Magazine estimated his fortune to be around 3 billion dollars which makes him the 287th richest person in the world. The foundation for the family’s fortune was laid by Ronald’s mother; the late cosmetics queen Estée Lauder who died in 2004.

GF Capital Management & Advisors is an investment firm that makes investments in different industrial sectors, including media and entertainment, well know branded commodities and media and telecommunication software. Remi International is a finance counseling firm; the majority shareholder is born and bred Estonian Roman Pipko.

Source http://balticbusinessnews.com/default2.aspx