Start of construction works of T1 Shopping Centre in Tallinn
June 1, 2015
AS Pro Kapital Grupp (hereinafter Pro Kapital) informs that on 29 May 2015 it subsidiary AS Tallinna Moekombinaat signed a contract for performing the design and construction works of a shopping and entertainment centre T1, located at Peterburi mnt. 2, Tallinn, Estonia, with AS Merko Ehitus Eesti, 100% owned subsidiary part of AS Merko Ehitus group.
The gross area of the centre is ca 130,000 square meters, including over 52,000 square meters of different rental space (retail, catering, multiscreen cinema and entertainment). There will be over 200 retail premises in the centre.
The works start in June 2015 and the centre is planned to open for visitors in autumn 2017. The value of the contract is approximately 70 million euros, plus value added tax.
AS Pro Kapital Grupp CEO Paolo Michelozzi comment: “We are extremely happy to announce the start of the construction of T1 shopping and entertainment centre. Using the experience we have had with Kristiine shopping centre in Tallinn and Domina Shopping in Riga we will create this centre to be really something new, attractive and emotional for the people of Tallinn. With Merko Ehitus we have had long cooperation experience before and we hope to achieve good results together”.
AS Merko Ehitus Eesti CEO Tiit Roben comment: “We thank Pro Kapital for trusting the fulfillment of such complicated and large contract to Merko. Pro Kapital has great experience in development of shopping centres and we are sure it helps to create T1 as special shopping and entertainment centre appreciated by clients.”
T1 shopping and entertainment centre will be part of the new city centre of Tallinn where will be located the new planned Joint Passenger Terminal, Rail Baltica railway station and new City square bordering with new office and residential buildings. Extended 4. tram line is planned to connect the whole complex with Tallinn Airport.
AS Pro Kapital Grupp (www.prokapital.ee) is a leading Estonian real estate development company with a focus on modern large-scale commercial and residential real estate in the capitals of Estonia, Latvia and Lithuania. Since its establishment in 1994, Pro Kapital has completed 20 development projects with ca 180 000 sqm of total saleable area.
AS Merko Ehitus Eesti (www.merko.ee) is Estonian leading construction company, which offers construction services in general construction, civil engineering, road, electrical and residential construction.