Construction contract (Tivoli residential development)Nordecon AS and Tivoli Arendus OÜ signed a contract for the design and construction works of apartment houses and their adjacent infrastructure in Tallinn central area.Tallinn, Estonia, 2012-05-22 08:30 CEST --
Nordecon AS and Tivoli Arendus OÜ signed a contract for the design and construction works of apartment houses and their adjacent infrastructure in Tallinn central area (between Kiikri St and Tuukri St). The contract includes the design and construction of six five-storied apartment houses with total number of 146 apartments. The closed gross area of the apartments is approximately 15,000 square meters.
The contract value is approximately 13.0 million euros, excluding VAT. The design works begin in summer 2012 and construction in autumn that year. The duration of the design and construction works is 22 months.
Tivoli Arendus OÜ is a jointly controlled entity of NASDAQ OMX Tallinn Stock Exchange listed company Arco Vara AS.
Nordecon is a group of construction companies whose core business is construction project management and general contracting in the buildings and infrastructures segment. Geographically the Group operates in Estonia, Ukraine and Finland. The parent of the Group is Nordecon AS, a company registered and located in Tallinn, Estonia. In addition to the parent company, there are more than 10 subsidiaries in the Group. The consolidated revenue of the Group in 2011 was 147.8 million euros. Currently Nordecon Group employs more than 700 people. Since 18 May 2006 the company's shares have been quoted in the main list of the NASDAQ OMX Tallinn Stock Exchange. Raimo Talviste
Nordecon AS
Head of Finance and Investor Relations
Tel: +372 615 4445
Email: raimo.talviste@nordecon.com
www.nordecon.com
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