Pro Kapital Grupp (PRO), an Estonian property developer, said it plans “substantial” residential developments and a shopping mall in Estonia and Latvia as the Baltic real-estate market is improving.

The Tallinn-based company is adding three new members to its board. They are Pertti Huuskonen, the chairman of Technopolis Plc (TPS1V), Petri Olkinuora, the former chief executive officer of Citycon Oyj (CTY1S), and Sari Aitokallio, the former finance chief of Sponda Plc, Pro Kapital said in a statement on its website today.

The company is 25 percent owned by Italian businessman Ernesto Preatoni.

To contact the reporter on this story: Ott Ummelas in Tallinn at oummelas@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net