Conclusion of construction contract and start of third construction phase of Kristina Houses

On 10.09.2018, AS Pro Kapital Grupp group company OÜ Marsi Elu and Nordecon AS have concluded a contract for the construction of three residential apartment buildings and semi-underground parking to be located in Sammu Street, in Kristiine City (herein Kristina Houses). The construction works of the Kristina Houses in the heart of the Kristiine City is carried out in three phases. In the first construction phase, 3 residential buildings with 93 apartments have been built. In the second construction phase there are 4 residential buildings with 124 apartments, 2 of which have been completed and 2 are currently under construction. In the 3rd and final phase of the construction of Kristina Houses 3 residential buildings with 92 apartments shall be built on Sammu Street. The completion of the Sammu Street buildings is planned for the end of 2019 and their construction cost is ca 8 million euros (excluding VAT). Nordecon AS shall commence with construction works immediately after concluding the construction contract.

The 3 residential buildings of the first construction phase of the Kristina Houses in the heart of the Kristiine City have been constructed and all 93 apartments have been sold. From the second construction phase 2 residential buildings with 62 apartments have been constructed and only 2 apartments are currently not sold or reserved. The remaining 62 apartments of 2 buildings from the second phase are currently under construction (estimated completion in January and April 2019, respectively) with 21 apartments currently not sold or not reserved.

AS Pro Kapital Grupp CEO Paolo Michelozzi: "The development of Kristiine City is being our second largest actively developed project after T1 Mall of Tallinn shopping centre. At the moment, 5 buildings have already been completed and we are building 5 more. The development project with spacious balconies and above average large apartment layouts have been very well received by our clients. Due to positive market demand we have started with the next construction phase of Kristina Houses in Kristiine City, building 3 residential houses with 92 apartments at the same time. The development of the next immovables in Kristiine City is also underway. We are happy to continue our cooperation in Kristiine City with a reliable partner who offers high quality construction services, Estonia’s leading construction group Nordecon, who won this tender due to their construction pricing and proven quality.”

"With the construction of Kristiine City apartment buildings we, together with the developer, are creating a completely new living environment in the area, where people enjoy the comfort of their homes,” said Ando Voogma, a Management Board Member at Nordecon AS. "Pro Kapital is a demanding as well as an intelligent client and it is pure joy to build high-quality houses for such a professional developer. "

Kristiine City is a new integral living environment in Kristiine City, developed by Pro Kapital according to the values of 21st century: green environment-friendly and energy efficient.

The total construction volume of Kristiine City is above 150 thousand m2 including underground parking of ca 40 thousand m2. The total estimated investment exceeds 120 miljon euros.

The company is creating a new habitat in Kristiine City, which shall be the first holistic district in the vicinity of the centre constructed as per the values of 21st century. These are homes with clever room plans, stylish design and a modern aesthetic, where one can enjoy greenery and privacy, but at the same time have access to convenient transport connections to downtown and other parts of the city. Next to the new residential homes we are bringing to life dignified historic buildings from the beginning of the 20th century.

For additional information about the Kristiine City, please see: www.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. In the 2017 financial year, the Group’s consolidated turnover was 14.1 million euros and in the first half of 2018 it was 15.1 million euros.

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, the Ukraine, Finland and Sweden.

Allan Remmelkoor
Member of the Management Board
Phone: +372 6144 920
E-mail: prokapital@prokapital.ee

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