Tallinn, 2014-04-03 14:15 CEST (GLOBE NEWSWIRE) --
AS Pro Kapital Grupp announced with 14.03.2014 stock-exchange release that AS Tondi Kvartal, company belonging to the group, has on 13.03.2014 concluded the contract for sale of minority shareholding of its subsidiary OÜ Marsi Elu to a financial investor. Based on the contract AS Tondi Kvartal will sell 35% of the shares of OÜ Marsi Elu to company COMBRIMAT Limited, as a result of which AS Tondi Kvartal will hold 65% of the share capital of OÜ Marsi Elu. The investor has to fulfill its obligations prior to transfer of the ownership of the shares. The agreed date for transferring the shares was 20.03.2014.
On 01.04.2014 AS Pro Kapital Grupp and the investor concluded the amendment of the referred contract and prolonged the term for fulfillment of the investor obligations until 09.04.2014.
As of 01.04.2014 the investor has fulfilled the obligation to pay for the shares in full and has fulfilled the commitment to provide OÜ Marsi Elu with a shareholder loan in amount of EUR 1 000 000 partially in amount of EUR 699 961,19. Investor has committed itself to provide the rest of the shareholder loan in amount of EUR 300 038,81 shortly and the parties shall thereafter transfer the 35% of OÜ Marsi Elu shares to the investor.
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 started in February of this year and the planned duration of construction is 11 months. Construction works are performed by AS Nordecon.
More precise information on Tondi Residential Quarter can be found at www.tondilinna.ee
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. 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.
Head of Investor Relations