Pro Kapital buys two real estate developers

  • 1999-12-02
TALLINN(BNS) - Under a decison of its management board, Pro Kapital will buy 90 percent of the real estate developers AS Vinkrist and the remaining half of the shares in what used to be real estate developer Arco Kinnisvaraarendus thus becoming the sole owner of both companies.

The shares in AS Vinkrist, the owner of properties in the Rottermann quarter of Tallinn's would-be City area, will be bought from Baltic Investments Ltd for 82 million kroons ($ 5.3 million).

Pro Kapital previously owned a 10 percent holding in Vinkrist.

The 50 percent holding in Arco Kinnisvaraarendus, a company set up to manage real estate projects in the former Tondi barracks area in Tallinn, will go to Pro Kapital for 50 million kroons under the provisions of an option contract signed between Pro Kapital and Baltic Investments in October.

The deal will bring Pro Kapital's ownership of Arco to 100 percent.