Marko Kull: Kuressaare commercial real estate success is driven by stable cash flow
Delfi Ärileht writes that 2025 was one of the weakest years in decades for commercial real estate sales in Estonia. However, Kuressaare stood out as an exception: several major transactions were completed in the city around the same time. Among the properties that changed hands were the Auriga shopping centre, the Maxima store building known as the Rae Centre, and the Bauhof store building. According to sources, it is rather unusual for such a large number of substantial transactions to be concentrated in a single small town, and it was enabled by a convergence of several factors.
The article notes that in a more challenging market environment, investors are primarily attracted to properties with a clear and stable cash flow and strong anchor tenants. At the same time, it is emphasized that commercial real estate in smaller towns is less liquid—selling an asset may take longer and the pool of buyers is narrower. In the case of Kuressaare, it is also pointed out that modern business premises that meet today’s requirements rarely come to market, which is why transactions tend to revolve mainly around high-quality assets.
As one of the key dealmakers, Millerhawk owner and founder Marko Kull also commented on the topic, confirming that for the company the decisive factors in the Bauhof building were, above all, the suitability of the location for the tenant’s operations and confidence in its long-term sustainability. Millerhawk has made modernising the building a priority and aims to be a long-term, responsible owner of the property. Kull added that the company is open to acquiring similar assets elsewhere as well, and is actively seeking new projects and opportunities to cooperate with investors in 2026.
Full article is available in Delfi Ärileht.
