Start of construction works of the second building

AS Pro Kapital Grupp group company OÜ Marsi Elu and Nordecon AS concluded on 24.11.2016 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. In the first construction phase a 5-story residential building with 31 apartments and semi-underground parking floor shall be completed. The works were commenced in November 2016 and the completion is planned for December 2017.

On 06.04.2017 OÜ Marsi Elu has notified AS Nordecon to start with the second construction phase. In the second phase also a 5-story residential building with 31 apartments shall be completed. The planned completion of the works is June 2017 and the price of the construction works is slightly over two million Euros, to which VAT is added.

In addition OÜ Marsi Elu and Nordecon AS have agreed on option for the two remaining construction phases, exercising of which will result in 62 additional apartments and also Sõjakooli and Sammu streets will be accomplished together with utility networks.

In the 3 buildings already completed in Kristiine City only 10 apartments from 93 are still on sale and in the 4 ^th building currently under construction 12 apartments out of 31 have been sold.   

AS Pro Kapital Grupp CEO Paolo Michelozzi: „Kristiine City is already well known and gathers popularity among Tallinn people. The Kristina houses and the lofts in Marsi 6 building, where we started renovation works just recently, offer exciting choice and high quality living standard. 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 efficient.“

Additional information about the Kristiine City at http://kristiinecity.ee/

AS Pro Kapital Grupp (www.prokapital.ee) 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 (www.nordecon.com) 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          Email: prokapital@prokapital.ee