AS Pro Kapital Grupp informs its shareholders about the changes in the Company's
subsidiaries that have been adopted on 31 January 2019. CEO of AS Pro Kapital
Grupp Paolo Michelozzi said that Pro Kapital's core business is the development
of and sale of residential properties and the development and lease of
largescale commercial properties, mainly shopping malls. "We have decided to
implement the changes to the managerial positions to allow the Management Team
members of Pro Kapital to focus on their respective fields of activity", said
Paolo Michelozzi. According to Mr Michelozzi, Allan Remmelkoor continues work
with the T1 Mall of Tallinn and in preparations for potential new shopping mall
developments. Ervin Nurmela focuses on the large-scale development projects of
Kristiine City and Kalaranna Kvartal residential and commercial area in Tallinn
Estonia.
Following decisions concerning AS Pro Kapital Grupp subsidiaries have been
adopted:
* Ervin Nurmela was recalled from the Management Board member position of AS
Tallinna Moekombinaat. AS Tallinna Moekombinaat Management Board will
continue with two Management Board members Allan Remmelkoor and Kristjan
Kask. AS Tallinna Moekombinaat is the developer and operator of Pro
Kapital's prime flagship property, T1 Mall of Tallinn, located in Tallinn
Estonia.
* Ervin Nurmela was recalled from the Supervisory Council member position of
AS Tondi Kvartal and Allan Remmelkoor was elected as the new Supervisory
Council member of AS Tondi Kvartal. Supervisory Council members of the AS
Tondi Kvartal are Emanuele Bozzone, Ernesto Achille Preatoni and Allan
Remmelkoor.
* Allan Remmelkoor was recalled from the Management Board member position of
AS Tondi Kvartal and Ervin Nurmela was elected as the new Management Board
member of AS Tondi Kvartal. Ervin Nurmela also serves as a Management Board
member of OÜ Marsi Elu, which is the development company of Kristiine City.
AS Tondi Kvartal Management Board will continue with two Management Board
members Paolo Vittorio Michelozzi and Ervin Nurmela. AS Tondi Kvartal is the
owner of land plots in pipeline for the development of residential premises
in Kristiine City, located in Tallinn Estonia.
A summary of the professional experience of Ervin Nurmela and Allan Remmelkoor
can be found enclosed to this announcement. Mr Nurmela nor Mr Remmelkoor don't
hold any shares of the issuer.
The Company's key development projects mentioned above are described as follows
and the visuals have been enclosed to current announcements:
T1 Mall of Tallinn was opened on 8 November 2018, representing the new
generation trends in the industry with strong focus on entertainment and food &
beverage concepts. T1 has to date 161 stores, 32 restaurants and cafés with more
than 60 new brands, offering new ways of shopping and leisure time for its
visitors. T1 Mall of Tallinn is opening multiple new stores during the spring
2019. Moreover, the opening of the first of a kind in Europe, Ferris wheel on
the rooftop of the mall, will be held. The Ferris wheel's height will be nearly
120 above the sea level, making it an attractive and truly unique sightseeing.
Kristiine City is a residential development project in Tallinn Estonia. The
whole area is consistent of multiple unique developments that completely reshape
the area. In 2018 Pro Kapital completed Marsi 6 loft style project, with all 45
apartments being sold out. 10 new modern buildings of Kristina Houses are
currently being developed, with total of 309 apartments. 6 buildings with 186
apartments have been completed and 179 apartments have been either sold or
booked by the buyers, leaving just 7 completed apartments for sale in Kristiine
City. 4 buildings with 123 apartments are under construction and 47 apartments
have been either sold or booked by the buyers. Pro Kapital is actively
projecting next stages of Kristiine City development to ensure continuation of
the development and sales after the completion of the buildings currently under
construction.
Kalaranna Kvartal is a residential development, located at the very heart of the
capital of Estonia, in the most exclusive and prestigious area, right on the
beachfront of central Tallinn, right on the border of the Old Town. Due to its
unique location, the development has welcomed a very high interest from the
clients. The project is currently awaiting building permit from the municipality
and the Company has not yet started the construction, nor any marketing or sales
activities. However, to respond the high demand, we are accepting initial
reservations since July 2018. To date, we have made 76 reservations to
residential premises in Kalaranna. 46 apartments out of 128 of the first stage
of the development have thereby been reserved by the clients.
Allan Remmelkoor
Member of the Board
+372 614 4920
prokapital@prokapital.ee
Attachments
* Professional experience and occupations Allan Remmelkoor Ervin Nurmela
(https://ml-eu.globenewswire.com/Resource/Download/de08f31e-aa52-
47b2-98ff-5ef8d90d2abf)
* T1 Mall of Tallinn project photo (https://ml-
eu.globenewswire.com/Resource/Download/820f5803-2484-47d8-80d2-997f6f9a6bd5)
* Kristiine City project photos (https://ml-
eu.globenewswire.com/Resource/Download/d987fa43-8059-476f-aa24-fafebf26fd81)
* Kalaranna Kvartal project photos (https://ml-
eu.globenewswire.com/Resource/Download/854ac312-e5c3-4326-94f5-746f782db51a)
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