November 4, 2019

On 4^th of November, the winners of the real estate developer’s TOP were announced, with Pro Kapital leading the list. According to the paper, the TOP was led by the companies who understand that their activities have much broader impact than merely the physical space being built.

The summary of the article is as follows and the coverage can be found here.

The turnover of AS Pro Kapital Grupp, the winner of TOP real estate companies, reached 28 million euros last year, which means a 99% growth for the company compared to 14.1 million sales revenue in 2017. The company writes in its report that sales increased in the real estate segment thanks to three apartment buildings completed in Tallinn and one in Riga.

Net profit for the year was EUR 18 million, an increase of 18.5 million compared to 2017, when the company ended the year with a loss of 0.5 million.

The report says that for a company, doing business is not just about building houses, it is about creating areas and improving the living environment. The projects include the Kalaranna residential and business district on the border of the Old Town and the Kristiine City in Tallinn, which transforms the historic barracks into a unique living environment and completed the renovation of Mars 6 loft-style apartments. The sales have also been very successful for the Kristina Houses project, located in the Kristiine City area. In Riga the company completed the River Breeze Residence in 2018, the first apartment building in the Kliversala residential development on the banks of the Daugava River. Also, the Šaltiniu Namai quarter of Vilnius.

The milestones that were reached also reflected in the financial performance

Paolo Michelozzi, the CEO of the Company says that 2018 was a significant year for the Pro Kapital, as many important milestones were achieved in the business, which in turn reflected in the financial results. “Our goal is to strengthen our position as one of the largest and most solid real estate developers in the Baltics, with an ever-increasing focus on all aspects of our operations,” says Michelozzi. “We are fully aware of the full impact of our activity. With each development project, the local traditions, architecture and aesthetics of the area plays an important role,” he added. Pro Kapital emphasises that real estate is much more than just a physical surface – it should create emotions.

Just as with residential real estate, it is important for a developer to understand that buying a home is one of the most important investments in people’s lives, the same goes with shopping malls – they are not just places to buy everyday goods, but their role is to bring joy, satisfaction and well-being to people. The company is therefore particularly pleased with the opening of the T1 Mall of Tallinn shopping and entertainment centre, which is noted for supporting a change in consumer behaviour – as more and more people are looking to spend quality time there are restaurants, cinema and not to mention the Ferris wheel.

Paolo Michelozzi, the CEO of the company said, that the T1Mall of Tallinn, which opened at the end of last year, has proven to be a challenge. However, according to Michelozzi, the number of visitors is growing, and the centre is expected to increase sales in the coming periods.