PRO KAPITAL

ANNOUNCEMENT



EXPANSION OF KRISTIINE SHOPPING CENTER



In April the expansion of one of the largest and most popular 

shopping malls in Tallinn, Kristiine Kaubanduskeskus (Kristiine 

shopping center), will begin. Close to 12,000 m2 of new shopping 

premises will be added to the shopping center, which is more than 

initially planned. Also the parking house will be expanded and will 

have 1,100 parking spaces.



The mall will be expanded due to growing demand for quality shopping 

premises and need to provide larger selection of goods and services 

to the visitors of the shopping center. Negotiations are held with 

several Western-European companies, who have shown active interest in 

operating in Tallinn and also on the whole Baltic market.



The planned cost of expansion of Kristiine Keskus is approximately 

EEK 225 Mio. The first part of the expansion works is scheduled to be 

completed and opened for visitors already in year 2001. The second 

part will be opened in whole in spring 2002. The expansion works will 

be financed with bank loan and equity account.



During year 2000, the first full year of operating, more than 7.5 

million people visited Kristiine shopping center. Total turnover of 

the shops in the center was EEK 680 Mio, and there were no available 

premises for rent.



Based on the polls conducted by Ariko MG and ES Turu-uuringud in 

December and January, Kristiine shopping center is the most 

popular shopping center among the people in Tallinn, being 

favored by more than 25% of all respondents.



AS Pro Kapital Grupp, the core investor of Kristiine Kaubanduskeskus, 

intends to acquire a holding in shopping center development project 

in Riga. In 2003 the company will open the largest shopping mall in 

the Baltics (45,000 m2) on the territory of former VEF radio factory.



 

Additional information:

Allan Remmelkoor

CEO, member of Management Board

AS Kristiine Kaubanduskeskus

Tel +372 665 0341





Ilona Saari

Board member, PK Group

+372 614 4924