• News

    Start of construction works of residential building located in Vilnius

    AS Pro Kapital Grupp (hereinafter Pro Kapital) informs that the construction works of a new residential building in Vilnius were started yesterday (26.03.2015), based on the construction contract concluded between its subsidiary Pro Kapital Bonum UAB and UAB Merko Statyba on 01.08.2014.

    As was informed with the stock-exchange release dated 04.08.2014 the subsidiary company of the group Pro Kapital Bonum UAB concluded the construction contract with UAB Merko Statyba for construction and design works of new residential apartment building in Vilnius on 01.08.2014. The lump sum of the contract is 10 013 120 (2 900 000 EUR), excluding VAT. The building will be located in Vilnius, Lithuania, in Saltiniu Namai residential building complex, which is being developed by Pro Kapital. The new building will have in total 41 apartments, 3 commercial premises and net sellable area of 2679 m2. The planned construction period is 15 months as of the start of the construction works.

    As of 25.03.2015 Pro Kapital Bonum UAB has signed 12 reservation agreements out of 44 premises of the new building, corresponding to the pre-sale ratio of 30% from the total sellable area.

    AS Pro Kapital Grupp CEO Paolo Michelozzi comment: “we are pleased with the sales results of Saltiniu Namai project in Vilnius and the sales results of the residential building we started to construct last year in February 2014. The construction of that building has been completed and 16 units out of 19 units have been presold. We have seen strong demand in the upper class residential market in Vilnius and have therefore decided to go forward with construction of yet another building in Vilnius”.

    After the completion of this new building the first phase of the development of the Saltiniu Namai residential complex will be completed. The first phase of the development of the Saltiniu Namai residential complex includes in total 200 apartments, 27 commercial premises and 11 cottages. There will remain still unused development volume in the Saltiniu Namai residential complex in the second phase of the residential area.  

    Additional information:

    Saltiniu Namai is a residential development project located in Vilnius Old Town. The business plan for the Saltiniu Namai residential quarter foresees a series of apartment buildings built in stages. The location is attractive for a residential area: it is located right in the Old Town and enjoys a good access both by cars and public transport. The creation of houses and cottages with leisure, sports and commercial zones is a remarkable contribution to the expansion of Vilnius city, where the conversion of abandoned industrial areas is prominent. Currently four five floor buildings with attics, one six floor building with attic and 11 private cottages have been built. Pro Kapital has already built 159 apartments, 11 cottages and 24 commercial premises with sellable area of 16 438 m2. Residents of Saltiniu Namai residential quarter are already enjoying the private courtyard, finished landscape works and fully equipped children‘s playground.

    Pro Kapital Bonum UAB is a company, which belongs 100% to PK Invest UAB. PK Invest UAB is a 100% subsidiary of Pro Kapital Vilnus Real Estate UAB. Pro Kapital Vilnius Real Estate UAB is a 100% subsidiary of AS Pro Kapital Grupp. Pro Kapital Bonum UAB is the developer of the 44 unit building to be located in the Saltiniu Namai project in Vilnius Lithuania.

    Letter to the shareholders of AS Pro Kapital Grupp

    Dear shareholders 

    First let me thank you for the support and trust you have shared with us during the past years. We are continuingly glad to witness the healthy and sustainable growth of economy and welfare in Baltic States and their capitals Tallinn, Riga and Vilnius. A solid base of growth has been created for the real estate market in this region over the recent years that is our common interest for the future. The macroeconomical perspectives foreseeing GDP growth close to 3% annually for the coming years combined with the lowest governmental debt ratio in the Eurozone form Baltics as an attractive target for investments in many segments.

    With the present letter we would like to introduce you an initiative we have put together for you for the coming spring. As you may know, our main focus for 2015 is the development of 3 projects in Tallinn, Riga and Vilnius in the residential segment and to continue with the project of the shopping and entertainment centre in Tallinn, St. Petersburg road.

    The residential development in Tallinn, Tondi quarter, is the largest and most ambitious project in the Estonian capital with over 1000 apartments in total, to be launched under the brand name Pro Kapital City. It is a combination of historical preserved buildings with modern contemporary architecture being surrounded by a rich greenery and park with convenient options for different sporting activities. We have started the construction of the first 2 buildings with 62 apartments that shall be followed with 2 more buildings during this year as well with the renovation of historical red-brick Russian Empire army casarms.

    In Riga we are about to start with presales in our unique riverside project Kliversalas with breathtaking views of the historical Old Town. The construction of the first waterfront tower building with 48 apartments is planned to be started in the end of 2015, launching the full project of ca 600 apartments.

    In Vilnius historical Old Town we are continuing the development of a Saltiniu Namai quarter with 2 additional buildings completing the first phase of the project.

    In the light of these developments we are glad to offer you an exclusive opportunity to reserve the properties in the aforementioned projects with 10 % discount off the price list until 31st of May 2015.  Each of the project has unique characteristics and is well known and appreciated in the local market. In Tallinn and in Vilnius we have successfully started with presale activities last year having signed over 50 preliminary sales agreements and in Riga we have received several reservation letters to be formalized after the launch of the presale process.

    In addition we use hereby the opportunity to invite you to participate in Pro Kapital City day that shall be held on 16th of May in Tallinn. We shall introduce you our properties in Tallinn visiting the construction site of our Pro Kapital City project and shall give a glance to the ongoing works of our Shopping Centre development in St. Petersburg road, the newest and biggest retail real estate project in Tallinn. All this shall be complemented with a cosy dinner and sightseeing options.

    The present year of 2015 shall be an important year for Pro Kapital and for us together and we would be very glad to meet you in Tallinn and introduce you our activities and future perspectives in more detail.



    Yours Sincerely

    Paolo Michelozzi


    AS Pro Kapital Grupp

    Pro Kapital submited an offer for purchase of „Kopli liinid“ development

    AS Pro Kapital Grupp has on 18.11.2014 submited an offer to participate in the first round of the combined offer for the sale of „Kopli liinid“ development.

    City of Tallinn is selling the „Kopli liinid“ development by the procedure of combined offer. The combined offer is a two-stage procedure. The first stage (qualification of tenderer) is public. The second stage is a tender with preliminary negotiations. Participants having made a tender conforming to the terms and conditions at the first stage are invited to the second stage.


    In the first stage of the offer AS Pro Kapital Grupp submited the offer corresponding to the set sales conditions and the offer included the written consent to buy the development for at least the initial price totaling 1 500 000 euros, the obligation to develop the area´s infrastructure and the consent to ensure the safety of the area.

    City of Tallinn has set criterias for participants to qualify for the tender. The results of qualifying to the criterias set by the city will be announced by the City of Tallinn in 3 (three) business days.

    As per the terms and conditions of the offer AS Pro Kapital Grupp has the right to withdraw from the offer at any time prior to submiting the final offer.

    The entry into force of the agreement of building excavation works of as Tallinna moekombinaat and the start of the construction works of the shopping centre at Peterburi 2, Tallinn

    AS Pro Kapital Grupp informs that on 30th of April 2014 the subsidiary of the group AS Tallinna Moekombinaat and AS Nordecon concluded the agreement for building excavation works of the shopping and entertainment centre located at Peterburi 2, Tallinn. The agreement enters into force upon AS Tallinna Moekombinaat´s notification to AS Nordecon about the handover of the construction site. On 27th of May 2014 AS Tallinna Moekombinaat sent the notification to AS Nordecon about the handover of the construction site and the agreement has entered into force.

    On 27th of May 2014 AS Tallinna Moekombinaat has sent the notification to the City of Tallinn about the start of the construction works of the shopping centre located at Peterburi 2, Tallinn.

    The planned duration of the excavation works is 3 months with the aim to finish the preparation works of the construction of the shopping centre and the selecting of the main constructor for the shopping centre is under process.

    AS Pro Kapital Grupp shall inform the investors upon conclusion of additional binding construction agreements.

    The comment of the Member of the Management Board of AS Tallinna Moekombinaat, Allan Remmelkoor: „The preparation process goes as planned. The entertainment complex of the shopping centre on 12 000 sqm is covered with rental arrangements, the surrounding new infrastructure – the tunnel leading to the underground parking, access roads and also the prolongation of the 4th tram line until our territory – have been completed. The creation of new fields of activities, convenient access roads and good connectivity with public transport are the cornerstones for the success of every new shopping centre. The next logical step now is the start of the excavation of the underground volume of the shopping centre.“   

    Additional information:
    AS Tallinna Moekombinaat is a company established on 05.03.2008, the main field of activity of the company is the development of shopping center located on Peterburi road 2 Tallinn land plot. The planned shopping centre is one of the most dynamic shopping developments in the Baltics, located on the largest and most modern traffic junction in Tallinn within just a few minutes by car from the city centre and at the starting point of motorways to Tartu, Narva and Pärnu. The Shopping Centre shall accommodate more than 200 shops on ca 55,000 m² of GLA with the anchor tenant Selver hypermarket on ca 6000 m². The shopping centre will become part of the future major public transportation hub in Tallinn. The hub is the most important infrastructural development for the city in the coming years and shall feature, in addition to local connections, a transfer to the airport and the future Rail Baltica international train station.

    Conclusion of construction contract and start of construction works in Tondi Residential Quarter

    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

    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.

    Pro Kapital to commence presale of Tondi Residential Quarter apartments

    The Pro Kapital Grupp real estate development company included in the secondary list at the Tallinn Stock Exchange commences the presale of new apartments at the Tondi Residential Quarter. The first batch comprises one apartment building with 31 apartments.

    The Tondi Residential Quarter being developed by Pro Kapital is one of the largest housing projects in Tallinn. While the focus at the first stage of development was on renovation of the former barracks that are subject to heritage conservation, the plan for the second stage is to add new apartment buildings, with the presale of the first one commencing today. Available are apartments ranging from 54.7 to 187.1 square metres and the prices start at EUR 89,900.

    According to Paolo Michelozzi, Chairman of the Management Board of Pro Kapital, the Tondi area in Tallinn has everything one needs for living and that is a vital prerequisite both for future residents and for further development. “We are not building in a place where nothing existed before – we are adding value to an already well-functioning living environment,” explained Michelozzi.

    He stressed that the greatest attraction and advantage of the Tondi project is the developed and properly functioning living environment that offers numerous and diverse pastime activities. “The location in a quiet and green secluded quarter, but only a short drive from the city centre, makes it perfect for whole families to settle in. Tondi has ideal conditions for pursuing sports: here you can go in for athletics, football, tennis and many other options. In the neighbourhood you will find schools and shops, there are also good public transport connections with the airport and central Tallinn,” added Michelozzi.

    Among the exciting venues in and around the Tondi Residential Quarter are Tere tennis centre, Audentes Private School and Sports Centre with swimming pool as well as football stadium in a close proximity.

    Further information about this area being developed by Pro Kapital, its apartment buildings, planning, construction materials used and prices set is available on this website:

    Pro Kapital Grupp is a leading Estonian real estate development company with a focus on modern large-scale commercial and residential real estate project development in Tallinn, Riga and Vilnius. Since its establishment in 1994, Pro Kapital has completed 20 development projects. The current portfolio of Pro Kapital Grupp consists of 11 real estate projects totalling EUR 180 million.

    AS Pro Kapital Grupp update on the developments of Peterburi Street 2 shopping center

     Management Board of AS Pro Kapital Grupp hereby shares with its investors the update on the current status of the development of Peterburi street 2  shopping center.

    Building license for construction of the shopping center has been issued and currently active preparations are ongoing for starting the construction of the shopping center.

    Construction of the access roads including a tunnel leading to the shopping center has been started. Decision has been made for financing the extension of the tramline nr 4 which is planned to be extended to the shopping center. Active negotiations for signing the lease agreements are ongoing and agreements have been made in regards to the entertainment floor of the shopping center.

    The following is the more detailed overview of the events.

    Construction of the infrastructure needed for the shopping center

    AS Pro Kapital Grupp group company AS Tallinna Moekombinaat has signed the contract with company K-Project for compilation of the technical project for the extension of the tramline nr 4 from Majaka street to the new shopping center. K-Projekt has also prepared a sketch project for the future extension of the tramline to the airport through the Ülemiste City district.

    The tramline nr 4 connects the city districts Lasnamägi and Tondi with the Tallinn city center and is the most important traffic line between the city center stops. In 2010 the line was used by 8,23 million passengers.

    Environmental Investment Centre allocated 18,9 million euro for the reconstruction of the tramline nr 4. During the reconstruction works over 10 kilometers of tramline will be reconstructed and 700 meters of new tramline shall be constructed in the Ülemiste district, which will extend the tramline from Majaka Street to the main entrance of the shopping center on Peterburi street 2 developed by Pro Kapital.

    Member of the Board of AS Pro Kapital Grupp and AS Tallinna Moekombinaat (the developer of the shopping center) Allan Remmelkoor said that in addition to the extension of the tramline to the shopping center developed by Pro Kapital, also the important access roads needed for the shopping center, including the tunnel and the entrance intersection, shall be built together with the construction works of the Ülemiste junction. He added that “Those works have already been started”.

    About the entertainment floor planned to the shopping center

    Peterburi street shopping center fourth floor has an entertainment area of 12 000 m2, of which 11 400 m2 are covered with rental arrangements.      

    As per current agreements the fourth floor shall accommodate a cinema with 7 halls, a unique entertainment and leisure center and many restaurants. It is currently the largest planned entertainment center in Estonia.

    Member of the Board of AS Pro Kapital Grupp Allan Remmelkoor said that agreement with the operator of the cinema and the entertainment center have been reached. Remmelkoor commented that “the operator of the 7 hall cinema is a new operator expanding to the Estonian market and the entertainment and leisure center shall be offering attractions to kids, youths and adults, combining the entertainment and educational activities with different events and venues for holding birthday parties”.  In addition many different restaurants shall be located on the entertainment floor, with majority of who the rental agreements have been signed.

    The cinema and entertainment center together with the restaurants make up to 12 000 m2, they occupy the fourth floor of the shopping center and are unique enough to become a magnet for the whole city.

    AS Tallinna Moekombinaat, which is a AS Pro Kapital Grupp group company, is developing a shopping center in the intersection of Peterburi, Tartu, Järvevana and Suur-Sõjamäe roads  with the total area of 130 400 m2. The anchor tenant of the shopping center is Selver hypermarket, which shall occupy the area of 6 000 m2. The total rentable area of the shopping center is 55 000 m2.

    Consolidated and unaudited interim report of IV quarter and 12 months, 2012

    Tallinn, 2013-02-15 20:36 CET (GLOBE NEWSWIRE) — The year 2012 has been historically important for the Company with the start of the trading of its shares on the secondary list of Tallinn Stock Exchange on November 23, although public offering of new shares announced in August 2012 had been cancelled due to the lack of demand at acceptable price level.

    See full report here.

    Minutes of the Extraordinary Shareholders Meeting held on 7 February 2013

    Minutes and Resolutions of Extraordinary General Meeting of AS Pro Kapital Grupp can be viewed here.

    Decisions of the Extraordinary Shareholders Meeting of AS Pro Kapital Grupp

    The extraordinary shareholders meeting of AS Pro Kapital Grupp (hereinafter referred to as the Company) took place on Wednesday, 06th of February 2013 starting at 11.00 at the office of the Company located at Põhja pst 21 Tallinn. As per the registration list of the meeting 14 shareholders were present at the meeting, who represented in total 36 674 543 votes, which form 68,96 % of all votes attached to the shares.

    The agenda and decisions adopted at the extraordinary shareholders meeting were as follows:

    1.    Election of the Chairman and Secretary of the extraordinary shareholders meeting

           Decision adopted was as follows: 

    Ervin Nurmela was elected as the Chairman and Liisa Kirss was elected as the Secretary of the extraordinary shareholders meeting.

           100% of the votes were in favor of the decision.

    2.    Amendment of the articles of association of the Company

    Decision adopted was as follows:

    Amend the article 5.8 of the articles of association and approve the articles of association as follows:

    “The Supervisory board (Council) has the right to increase the share capital of the Company by up to 5 318 542,20 euros within 3 years as from adopting this version of the articles of association. Shares issued by the Council may be paid for by monetary contributions and/or by non-monetary contribution, if so resolved by the Council. Non-monetary contribution shall be valued pursuant to law and these articles of association”

            99,9997% of the votes were in favor of the decision. 100 votes which represent 0,0003% of the votes stayed neutral. 

    3.     Amending the terms of the convertible bonds

    Decision adopted was as follows:

    Amend the 13.04.2009 decision of the extraordinary shareholders meeting as follows:

    Amend the terms and conditions of the convertible bonds, which were approved by the 13.04.2009 extraordinary shareholders meeting by amending the article 4.3. of the terms and conditions of the convertible bonds as follows:

    4.3.    A Bond shall expire on a maturity date (hereinafter the “Maturity Date”), which shall be:
    4.3.1.    one of the following dates:    the day which shall occur 4 (four) years as of the registering such Bond in the Register, shall be the Maturity Date for all bonds whose bondholder (the person owning the bond at 10.00 on the Maturity Date) has not given the Company its acceptance to prolong the Maturity Date as per the article    The Company may make a proposal, for the bondholder who has not exchanged its bond to the company share, to extend the Maturity Date of the bond by up to 2 (two) years as of the Maturity Date calculated under article The Maturity Date of the bond, whose bondholder has submitted to the Company its written acceptance to prolong the maturity of the bond, shall be the new Maturity Date stated by the Company in the notice sent to the bondholder.
    4.3.2.     The Exchange Date referred to in Clause 7 hereof, if the Bond is exchanged to a share of the Company.

           99,9997% of the votes were in favor of the decision. 100 votes which represent 0,0003% of the votes  stayed neutral. 

    Minutes of the extraordinary shareholders meeting will be published on AS Pro Kapital Grupp web page not later than 13 February, 2013.