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PRO KAPITAL GRUPP AS: Conclusion of construction contract and start of construction works in Tondi, Kristiine City

Pro Kapital Grupp
Company Announcement

Conclusion of construction contract and start of construction works in Tondi,
Kristiine City

AS Pro Kapital Grupp group company OÜ Marsi Elu and Nordecon AS concluded the
contract for construction of four residential apartment buildings and
semi-underground parking to be located in Kristiine City in Tondi. The
construction works of the Kristina houses in the heart of the Kristiine
district shall be carried out in 4 phases. The cost of the first construction
phase will be over three million euros, to which VAT is added.

In the first construction phase a 5-story residential building with 31
apartments and semi-underground parking floor shall be completed. Construction
works shall commence in November and the completion is planned for December

In addition OÜ Marsi Elu and Nordecon AS have agreed on option for the three
remaining construction phases, exercising of which will result in 93 additional
apartments and also Sõjakooli and Sammu streets will be accomplished together
with utility networks. The cost of the whole project is more than 10 million
Euros to which VAT will be added.

AS Pro Kapital Grupp CEO Paolo Michelozzi: „The development of Kristina
buildings in Kristiine City is a major project. At the moment three buildings
have already been completed in Kristiine City and is a home for more than 100
people, now we start the development of a new stage. Kristiine City is a new
integral living environment in Kristiine district, developed by Pro Kapital
according to the values of 21st century: green, environment-friendly and energy

Nordecon AS Board Member Avo Ambur: „We have constructed already earlier in
cooperation with Pro Kapital in this very beautiful and historical area. In
2014–2016 we constructed a building complex including three five-storey
apartment buildings at Marsi Street. We are very pleased that the percentage of
repeated customers is rising and the customers deliberately choose a reliable
cooperation partner.”

Additional information about the Kristiine City at

AS Pro Kapital Grupp ( is a leading real estate developer in
Estonia, dealing with the development of contemporary major business and
residential real estate projects in the capitals of Estonia, Latvia and
Lithuania. Since foundation in 1994 the company has completed 20 development
projects with total area for sale of approximately 190,000 square metres.

Nordecon Group ( comprises companies that are focussed on the
project management of constructing buildings and civil engineering works, and
general contracting. The Group’s companies are geographically situated in
Estonia, Ukraine, Finland and Sweden. The Group’s parent company Nordecon AS is
registered and located in Tallinn, Estonia. The group comprises more than 10
subsidiaries in addition to the parent company. The Group’s consolidated
turnover in the 2015 financial year was 145.5 million Euros. At the moment
Nordecon Group employs about 700 people. Since 18 May 2006 the parent company
has been listed on the NASDAQ OMX Tallinn Stock Exchange.

Allan Remmelkoor
Member of the Management Board
Tel.: +372 6144 920

Författare SSE

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