Image: TKM Grupp

10 May 2024

NIB funds TKM Grupp’s logistics centre in Maardu, Estonia

The Nordic Investment Bank (NIB) and TKM Kinnisvara AS, a subsidiary of TKM Grupp (formerly Tallinna Kaubamaja Grupp), have agreed a 15-year investment loan of EUR 16.1 million for financing the construction of a logistics centre in Maardu, Estonia.   

The logistics centre is built to serve the volumes of goods of the companies of TKM Group, primarily serving the cargo volumes of Selver, one of the largest retail store chains in Estonia, in its initial phase. Spanning a total area of 17,200 m², the new centre is planned to be completed in autumn 2024.

The centre will be a modern building with an energy class of A and built in accordance with the requirements of the BREEAM “Excellent” certificate. A solar park will be built on the roof of the logistics centre, which will cover a significant part of the building’s electricity consumption.

The chosen location is well connected to major transport hubs, and the nearly 5-hectare plot will also allow for the future expansion of the building.

“NIB’s financing to TKM Grupp aligns with our strategy to expand private sector lending in the Baltics. The new logistics center in Maardu will significantly increase efficiency and business opportunities. This will enhance grocery market competition, and ultimately, benefit Estonian households,” says André Küüsvek, NIB President and CEO.

“We are honored to start cooperation with such respected international financial institution as NIB, and to meet its requirements in terms of project goals and business standards. From the very beginning, our goal has been to build a modern and sustainable logistics centre building,” says Peeter Kütt, CEO of TKM Kinnisvara AS.

TKM Kinnisvara is part of the TKM Grupp (formerly Tallinna Kaubamaja Grupp), one of the biggest retail companies in Estonia accounting for approx. 10% of all retail trade in Estonia. TKM Grupp is part of a larger group, NG Investeeringud.

NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank finances private and public projects in and outside the member countries. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor’s and Moody’s.

For further information, please contact
Kaspars Pīlādzis, Senior Banker, at +358 10 618 0391,

Iiris Anttalainen, Communications, at +358 10 618 0258,

For more information on NIB in Estonia, please contact

Kersti Talving, Senior Banker, Country Lead for Estonia, at 358 10 618 0245,

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07 May 2024

TKM Kinnisvara AS

EUR 16.1 million