Tallinn, Estonia, 2014-02-26 08:45 CET (GLOBE NEWSWIRE) -- Nordecon AS and OÜ Marsi Elu (a member of AS Pro Kapital Grupp) signed yesterday an agreement on construction of an apartment building in Tallinn city Kristiine district. The apartment building is part of the Tondi Residential Quarter. In the first stage of the construction a five-storey building containing 31 apartments with semi-underground parking floor is built. The contract also includes the construction of the quarter’s central plaza, necessary roads and external networks.
The value of the contract is approximately 3.0 million euros (excluding VAT). The construction begins in February 2014 and the duration of the works is approximately 11 months.
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.
Nordecon is a group of construction companies whose core business is construction project management and general contracting in the buildings and infrastructures segment. Geographically the Group operates in Estonia, Ukraine and Finland. The parent of the Group is Nordecon AS, a company registered and located in Tallinn, Estonia. In addition to the parent company, there are more than 10 subsidiaries in the Group. The unaudited consolidated revenue of the Group in 2013 was 174 million euros. Currently Nordecon Group employs more than 700 people. Since 18 May 2006 the company's shares have been quoted in the main list of the NASDAQ OMX Tallinn Stock Exchange.
Raimo Talviste
Nordecon AS
Head of Finance and Investor Relations
Tel: +372 615 4445
Email: raimo.talviste@nordecon.com
www.nordecon.com
