Construction, Estonia, Good for Business, Port, Real Estate, Transport

Nordecon AS and Haven Kakumäe OU signed a contract to design and build three apartment building at 10 Lesta Street in Kakumae, Nordecon told the stock exchange.

"We have finished Estonia's newest marina in the on the Kakumae peninsula in Tallinn and are now starting the development of apartment buildings and marina buildings there - this region will become a beautiful and comprehensive area for living and engaging in sports and hobbies," CEO of Haven Kakumäe Neeme Kaarma said.

The planned buildings will have three stories, a gross total area of 10,695 square meters and a net area of 9,410 square meters. The three buildings will accommodate a total of 55 apartments, which will have 2 to 5 rooms. An underground car park will connect all the buildings.

"The buildings will be by the sea, in a quiet and calm area, next to the yacht club and surrounded by lush nature and numerous ways to do sports and spend free time, but there will also be good accessibility both from sea and from land, on foot and with means of transport," Ando Voogma, member of the management board of Nordecon AS, said.

The value of the contract is approximately 11 million euros and the buildings are expected to be finished by the end of 2018.

The core business of Nordecon is construction project management and general contracting in the buildings and infrastructures segment.

Geographically the group operates in Estonia, Ukraine, Finland and Sweden. Nordecon's consolidated revenue in 2016 totaled 183 million euros, while profit totaled 10 million euros. The group employs approximately 740 people.

Haven Kakumäe is a marina located in the district of Kakumae in Tallinn, which was finished in summer 2017. Haven Kakumäe is planning to invest approximately 100 million euros in the development of the Port of Kakumae and the surrounding area.