Establishment of a new subsidiary of the group

AS Pro Kapital Grupp announces that a subsidiary company of the group, AS Pro Kapital Eesti, has established a new subsidiary OÜ Kalaranna Kvartal for the development of the Kalaranna property in Tallinn. The business area of the new subsidiary and the planned business activity is real estate development.

The share capital of OÜ Kalaranna Kvartal is 2 500 euros, which upon the establishment of the company belongs 100% to Pro Kapital Eesti. The members of the management board of the new company are Paolo Vittorio Michelozzi, the CEO of AS Pro Kapital Grupp and Ervin Nurmela, the management board member of AS Pro Kapital Eesti.

The purpose of establishment of the subsidiary is to transfer assets related to the Kalaranna Kvartal project located near the city centre of Tallinn to the subsidiary and to commence the development of the project.

The establishment of the subsidiary does not have an effect of the economic activity of the issuer.

AS Pro Kapital Grupp shall inform the investors through the Stock Exchange system additionally when further decisions have been made regarding the project.

Additional information:

Kalaranna Kvartal development is located on the most exclusive real estate sea border of central Tallinn. The detail plan foresees a beach promenade and a coherent public space with a building volume, turning the area into a valued space in the city of Tallinn. Kalaranna Kvartal development offers the best solutions for even the most demanding customers through collaboration with architects Ott Kadarik and Mihkel Tüür. The apartments offer fantastic views to the sea, to the Kalaranna square and the surrounding city.

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