The Listing and Surveillance Committee of the Nasdaq Tallinn Stock Exchange decided to approve the application submitted by AS Pro Kapital Grupp to terminate trading in the company’s shares on the Secondary List and to list the shares on the Main List starting from 19 November 2018.
AS Pro Kapital Grupp is the leading real estate development company in the Baltic States, dedicated to developing high-quality residential and commercial buildings. The company, founded in 1994, is the first professional real estate development company in the Baltics. The company has created more than 200,000m2 of residential and commercial premises.
According to Paolo Michelozzi, the CEO of the company, joining the Tallinn Stock Exchange's Main List helps the group to move towards achieving its main objective, which is to become a strategic player at the Baltic real estate market. "Joining the Main List of the stock exchange is one step along that path. Technically, we could have made this move earlier, but today we have reached a stage where, after long-time hard work, we have a number of exciting and long-term projects under way," he said. "The right time for this is right now. We believe that joining the Main List of the stock exchange will improve our visibility and help us to achieve our next goals. We will continue developing our portfolio, and the highest possible liquidity and attractiveness on the financial markets will certainly help support that goal."
In its 24 years of operation, the company has accumulated expansive experience in building integrated living spaces and entire city quarters. Currently, 300,000m2 of real estate is waiting to be developed in the best districts of Tallinn, Riga and Vilnius, and by 2028, the expected cash flow from the sales revenue is expected to exceed 800 million euros.
Nasdaq Tallinn CEO Kaarel Ots said that even though AS Pro Kapital Grupp has been a listed company for years, he is delighted to see their name now in the Main List. “I think that the ambition of Pro Kapital Grupp’s team as well as their recent activities, for example opening the shopping and leisure center T1, have definitely confirmed that they belong among the biggest and best known companies in the Baltic states, which are in the Main List,” said Ots.
The flagship development of the company is the recently opened T1 Mall of Tallinn, a unique shopping and leisure centre. The centre with its 55,000m2 shopping space in total, or more than 200 different retail outlets, also contains the 7,000m2 Super Skypark Entertainment Centre, which includes Europe's largest trampoline area and a jungle gym, as well as a cinema complex and a wide variety of catering facilities. At the beginning of 2019, a unique Ferris wheel will be installed on the roof of the building, with only five similar installations found in the world, all located in Asia.
In the coming years, the company will continue the construction of the Kristiine City residential quarters, which will have more than 139,000 m2 of space, of which 74,500m2 will be sold, and 24,000m2 will be leased. The project – one of the largest residential development projects in the Baltics, is located conveniently close to the centre of Tallinn and the expected completion date is in 2027.
In addition, the Kalaranna residential and commercial district will be completed by 2025 in the vicinity of Tallinn's city centre, with developed capacity of 42,500m2. The space to be sold is approximately 23,000m2 and space to be rented around 9,500m2.
In Latvia, AS Pro Kapital Grupp is developing the Kliversala Quarter, located in the centre of Riga on the banks of the River Daugava. The volume of this planned area with exclusive location is 61,000m2 and the space to be sold is about 43,000m2. According to the plans, the project will be completed in 2027.
Šaltinu Namai is a quiet and safe residential area developed by the company in a unique location in Lithuania. The first stage of the project is completed and almost sold out. Four houses in the next stage are soon to be completed. The second stage of the development amounts up to 18,500m2, of which the space to be sold forms about 14,000m2. The expected deadline for the completion of this brand new district in the vicinity of Vilnius Old Town is 2022.
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