Cobalt has advised the City of Tallinn on renegotiating the PPP contracts with Vivatex Holding and the BCA Center for the lease of ten school buildings in the city. Walless advised the BCA Center.
According to Cobalt, back in 2006, the City of Tallinn had concluded "30-year PPP contracts with private companies for the full renovation of the school buildings but, as of today, the city was not satisfied with the originally agreed rental rates and wanted to either terminate the agreements or renegotiate terms."
"An agreement was reached and the contract terms were amended, which means ten school building leases became 11% cheaper," Cobalt reported. "In addition, the compensation paid by the city for school buildings at the end of the contract was limited. In total, these changes will help the city to save an estimated EUR 37 million."
The Cobalt team included Partner Aivar Taro, Specialist Counsel Kadri Matteus, Managing Associates Annika Peetsalu and Kaidi Reiljan-Sihvart, and Senior Associate Siim Vahtrus.
The Walless team was led by Estonia Managing Partner Piret Kergandberg.
