Nordecon AS and OÜ Pikksilma Kodu (a member of Metro Capital group) signed an agreement on construction of apartment buildings in Tallinn city Kadriorg district. In the first stage of the construction two buildings containing 39 apartments is built.
The value of the contract is approximately 4.8 million euros (excluding VAT). The construction begins in May 2015 and the duration of the works is 12 months.
According to the conditions of the agreement OÜ Pikksilma Kodu has the right to exercise the option for the second and third construction phase, which will result in construction of 83 additional apartments.
In February 2015 Nordecon AS handed over to Metro Capital the works of a nine-storey apartment building with 73 apartment built in Pirita Rd, Tallinn.
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 2014 was 161 million euros and net profit 2.3 million euros. Currently Nordecon Group employs more than 730 people. Since 18 May 2006 the company's shares have been quoted in the main list of the NASDAQ OMX Tallinn Stock Exchange.
Andri Hõbemägi
Nordecon AS
Head of Investor Relations
Tel: +372 6272 022
Email: andri.hobemagi@nordecon.com
www.nordecon.com