News

Arco Vara acquired its second development project in Bulgaria

15.08.2007,

Arco Capital EOOD, a 100% subsidiary of Arco Investeeringute AS, signed a land
acquisition deal in Bulgaria in Sofia.

The plot in size of 3 800 m2 situates in the city center on Madrid boulevard
and has a construction permit for 24 700 m2 of gross space.

„By the investment Arco Vara continues its long-term strategy on becoming from
brokerage business a real estate developer“, says the CEO, Mr. Viljar Arakas.
„The location of the project corresponds to our criterions that are unique on
all our markets.“

In three years the company plans to construct there residential and commercial
spaces.

The acquisition is financed 100% by equity. Total capex of the project is
around mEUR 20.

It's the second development project for Arco Vara in Bulgaria.

1 EUR=15,6466 EEK

Additional information:
Heigo Metsoja
+372 6144 654
heigo.metsoja@arcovara.ee