Fort has advised real estate development companies Arco Vara, Eften Capital, East Capital Real Estate, Metro Capital, and Hepsor on submitting a complaint to the European Commission regarding the potentially unlawful state aid given to Porto Franco by the Estonian government.
Porto Franco, with a total area of 150,000 square meters, is a multifunctional city block development project in Estonia. Following receiving a EUR 102 million syndicated loan from main lending partner EBRD and local lending partner Luminor Bank, Porto Franco was granted a bridge loan from the Estonian government in 2020.
According to Fort Partner Kuldar-Jaan Torokoff, the real estate development companies aim "to draw attention to the problem as the state's interference with the real estate development market is unfounded and distorts the latter."
The Fort team consisted of Torokoff and Attorneys-at-Law Margus Koiva and Liina Kais.
