Tallinn, 2014-02-26 08:45 CET (GLOBE NEWSWIRE) -- Yesterday Nordecon AS and AS Pro Kapital Grupp group company OÜ Marsi Elu concluded the contract for construction of residential apartment building to be located in Tondi Residential Quarter, Tallinn, Kristiine district. The price of the construction works of the first construction phase is approximately three million euros, to which VAT is added. In the first construction phase a 5-story residential building with 31 apartments, semi-underground parking floor and central plaza shall be completed. In addition necessary roads and external networks will be built. Construction works shall commence in February of this year and the planned duration of construction is 11 months. As of 25.02.2014 9 apartments out of 31 are covered by conditional sales agreement. Prior to start of the construction 29% of all apartments have found a buyer. In addition Nordecon AS and OÜ Marsi Elu have agreed on option for the second and third construction phase, exercising of which will result in 62 additional apartments. "It is satisfactory to conclude an agreement where in addition of getting a new job we as a construction company manage to contribute to enhancing the value of a beautiful and historic area. This area of Tondi deserves a fresh start, and starting the new development will undoubtedly bring a new breath to the area and create additional opportunities for development” said Nordecon AS Board Member Avo Ambur. "Tondi Residential Quarter will be the first complete living district built in the vicinity of the Tallinn city center, which is built in 21 century and based on the modern values. Green thinking, energy-saving and modern living area will be created on former manor lands and later territories of Tondi barracks, for benefit of which the first apartment buyers have already decided." said AS Pro Kapital Grupp CEO Paolo Michelozzi. Additional information: More precise information on Tondi Residential Quarter can be found at www.tondilinna.ee OÜ Marsi Elu is a real-estate development company established in 2014 for the development of Marsi 3 / 3a / 3b residential building located in Tallinn. All shares of OÜ Marsi Elu belong to AS Tondi Kvartal. AS Tondi Kvartal is a company established 07.10.1997, which belongs 100% to AS Pro Kapital Eesti. AS Pro Kapital Eesti is 100% subsidiary of AS Pro Kapital Grupp. AS Tondi Kvartal is the owner of the land plots needed for the development of the Tondi residential area. AS Nordecon is one of the leading construction companies in Estonia, established in 1989. Since May 2006 the Nordecon shares have listed on NASDAQ OMX Tallinn Stock Exchange. In addition to the parent company, there are more than 10 subsidiaries in the Group. The consolidated revenue of the Group in 2013 was 174 million euros. Currently Nordecon Group employs more than 700 people.
Iveta Vanaga Head of Investor Relations Phone: +37129239064 E-mail: iveta@prokapital.lv
