OREANDA-NEWS. Management Board of AS Pro Kapital Grupp hereby shares with its investors the update on the current status of the development of Peterburi street 2 shopping center.

Building license for construction of the shopping center has been issued and currently active preparations are ongoing for starting the construction of the shopping center.

Construction of the access roads including a tunnel leading to the shopping center has been started. Decision has been made for financing the extension of the tramline nr 4 which is planned to be extended to the shopping center. Active negotiations for signing the lease agreements are ongoing and agreements have been made in regards to the entertainment floor of the shopping center.

The following is the more detailed overview of the events.

Construction of the infrastructure needed for the shopping center

AS Pro Kapital Grupp group company AS Tallinna Moekombinaat has signed the contract with company K-Project for compilation of the technical project for the extension of the tramline nr 4 from Majaka street to the new shopping center. K-Projekt has also prepared a sketch project for the future extension of the tramline to the airport through the Ulemiste City district.

The tramline nr 4 connects the city districts Lasnamagi and Tondi with the Tallinn city center and is the most important traffic line between the city center stops. In 2010 the line was used by 8,23 million passengers.

Environmental Investment Centre allocated 18,9 million euro for the reconstruction of the tramline nr 4. During the reconstruction works over 10 kilometers of tramline will be reconstructed and 700 meters of new tramline shall be constructed in the Ulemiste district, which will extend the tramline from Majaka Street to the main entrance of the shopping center on Peterburi street 2 developed by Pro Kapital.

Member of the Board of AS Pro Kapital Grupp and AS Tallinna Moekombinaat (the developer of the shopping center) Allan Remmelkoor said that in addition to the extension of the tramline to the shopping center developed by Pro Kapital, also the important access roads needed for the shopping center, including the tunnel and the entrance intersection, shall be built together with the construction works of the Ulemiste junction. He added that "Those works have already been started".

About the entertainment floor planned to the shopping center

Peterburi street shopping center fourth floor has an entertainment area of 12 000 m2, of which 11 400 m2 are covered with rental arrangements.

As per current agreements the fourth floor shall accommodate a cinema with 7 halls, a unique entertainment and leisure center and many restaurants. It is currently the largest planned entertainment center in Estonia.

Member of the Board of AS Pro Kapital Grupp Allan Remmelkoor said that agreement with the operator of the cinema and the entertainment center have been reached. Remmelkoor commented that "the operator of the 7 hall cinema is a new operator expanding to the Estonian market and the entertainment and leisure center shall be offering attractions to kids, youths and adults, combining the entertainment and educational activities with different events and venues for holding birthday parties". In addition many different restaurants shall be located on the entertainment floor, with majority of who the rental agreements have been signed.

The cinema and entertainment center together with the restaurants make up to 12 000 m2, they occupy the fourth floor of the shopping center and are unique enough to become a magnet for the whole city.

AS Tallinna Moekombinaat, which is a AS Pro Kapital Grupp group company, is developing a shopping center in the intersection of Peterburi, Tartu, Jarvevana and Suur-Sojamae roads with the total area of 130 400 m2. The anchor tenant of the shopping center is Selver hypermarket, which shall occupy the area of 6 000 m2. The total rentable area of the shopping center is 55 000 m2.