AS PRO KAPITAL

ANNOUNCEMENT

14.10.99

 

 

AS PRO KAPITAL: Q3 1999 SALES REPORT

 

In accordance with the resolution of AS Pro Kapital Management Board, 

the company will publish quarterly overviews of the results of sale of 

real estate developed by AS Pro Kapital.

 

The current report provides an overview for the period July-September 

1999. During this period AS Pro Kapital started to offer housing loans 

on favorable terms.

 

AS Pro Kapital directed the receipt from the issue of convertible bonds in 

June (EEK 80 million) to finance the housing loans to its clients on the 

following conditions: loan interest 6% on annual basis; 20% self-financing; 

loan payback schedule will be calculated on annuity basis for 20 years, 

whereas the loan should be refinanced in 3 years.

 

AS Pro Kapital sold dwelling premises in Ilmarise quarter, Vene St 19 and 

Narva St 13a for 3 251 400 EEK (4 apartments) in July; 3 389 000 EEK (2 

apartments) in August and 5 773 180 EEK (4 apartments) in September. In 

addition AS Pro Kapital also sold in September four apartments in Viru 

St 1 building (owned by Pro Kapital) for 9 552 000 EEK. Hence AS Pro Kapital 

sold in Q3 1999 different dwelling premises for total of 21 965 580 EEK.

 

From the beginning of October until today the company has concluded sales 

agreements for total value of 8 451 000 EEK (6 apartments).

 

From the beginning of the year until today, AS Pro Kapital has sold dwelling 

premises for total of 53 416 580 EEK, including also the preliminary agreement 

made between Pro Kapital and a foreign investor for sale of building located 

Vene St 9, Tallinn, for 23 000 000 EEK.

 

 

Andrus Laurits

Managing Director, member of the Management Board 

AS Pro Kapital

Tel. +372 614 4920

 

Additional information:

Endo Tõnuver

Head of Sales Department

AS Pro Kapital

Tel. +372 614 4920