The transaction is planned to be completed before the end of this year, after receiving the relevant permission from the Competition Authority. The parties did not disclose the value of the transaction.

According to the merger notice, the sale is driven by the Swedish company's intention to exit its business operations in Estonia.

The stated reason for P&E Real Estate's purchase is the desire to expand its commercial real estate portfolio in central Tallinn.

Head of P&E Capital Kristjan Piilmann said Solaris is an excellent addition to the company's growing commercial real estate portfolio.

"We strongly believe in the journey Solaris has taken so far and hope in the future to contribute to further developing the center's existing strengths, such as its diverse local cultural and leisure offerings," he said.

Solaris keskus director Jaanus Juss said the shopping center will continue operating as usual, and all existing partnerships and activities will carry on, with new exciting projects expected to be added.

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