Pro Kapital Grupp : Start of construction works of the sixth building of Kristina houses.

Pro Kapital Grupp
Company Announcement

Start of construction works of the sixth building of Kristina houses.

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. In the second construction phase a 5-story residential building with 31 apartments and semi-underground parking floor shall be completed, the works were commenced in June 2017 and the completion is planned for June 2018.

On 19.09.2017 OÜ Marsi Elu has notified AS Nordecon to start with the third construction phase. In the third phase also a 5-story residential building with 31 apartments shall be completed, which is the sixth buidling of Kristina houses development, in addition all roads and networks of the Kristina houses development will be completed. The planned completion of the works is December 2018 and the price of the construction works is slightly over two million six hundred thousand Euros, to which VAT is added.

In addition OÜ Marsi Elu and Nordecon AS have agreed on option for the fourth construction phase, exercising of which will result in 31 additional apartments.

In the 3 buildings already completed in Kristiine City only 5 apartments from 93 are still on sale, in the 4 building currently under construction 22 apartments out of 31 have been sold and in the 5 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 are finishing renovation works, 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://www.kristiinecity.ee/

AS Pro Kapital Grupp(www.prokapital.com) 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 meters.

Nordecon Group(www.nordecon.com) comprises companies that are focused on the project management of constructing buildings and civil engineering works, and general contracting.

Allan Remmelkoor
Member of the Management Board
Tel.: +372 6144 920
Email: prokapital@prokapital.ee