Baltic States – CIS, Construction, Estonia, Good for Business, Real Estate

The framework agreement sets the prerequisites for the building of 500,000 square meters of housing space with the infrastructure and parking facilities, as well as kindergartens and a school depending on the market conditions during the initially planned eight year period, the company told the stock exchange.

The framework agreement works are divided into 25 stages and the construction and monetary volume as well as the duration of works of each stage will be agreed on in separate agreements. Eurocon Ukraine will perform the works with the so-called project management method with open invoices. Every work phase will commence only after the receipt of order letter and prepayment from the client. The agreed general contracting fee will be added to the open invoice amounts.

Nordecon Group operates in Estonia, Ukraine and Finland. In addition to the parent company there are more than 10 subsidiaries in the group. The consolidated revenue of the group in 2014 was 161 million euros and net profit 2.3 million euros. Nordecon Group employs approximately 700 people.