News
News
AVEC Asset Management AS strengthens management
21.11.2007,
The Board of Directors of AVEC Asset Management has appointed three new members to the management board. Madis Raidma – today CEO of IT Group in Estonia – will become AVEC’s CEO as of January 2008. Martin Otsa - currently Head of Investment Management in Arco Vara Kinnisvarabüroo AS in Estonia – will start as member of the management board as of December 2007. Tõnu Uustalu has been appointed to the management board and has been acting CEO of the company since previous CEO Kristjan Kivipalu left his position in late September.
“Given our position as one of the largest professional real estate investors in the Baltics, as well as our ambitious plans for the future, it is very important to have a strong, professional management team”, says Gert Tiivas, Chairman of the Board of Directors of AVEC Asset Management AS.
AVEC Asset Management AS is a joint venture between Arco Vara and East Capital with regional offices in Tallinn, Riga and Vilnius. The company manages real estate investment portfolios in the Baltics currently valued at approximately 220 m EUR and is actively developing into new markets.
Arco Vara is a leading real estate group operating in brokerage, development and construction sectors. The company has offices in 29 cities in the Baltics, Ukraine, Bulgaria and Romania and employs 600 people. The consolidated turnover for H1 2007 was 31.2 million EUR with a net profit 14.5 million EUR. Arco Vara is listed on the Tallinn Stock Exchange.
About East Capital
Founded in 1997, East Capital is a leading, independent asset manager specialising in Eastern European financial markets. The company, which is headquartered in Stockholm, with offices in Paris, Tallinn, Moscow, Oslo, Hong Kong and Milan, actively manages over EUR 5.1bn, basing its investment strategy on thorough knowledge of the markets, fundamental analysis and frequent company visits by fund managers and analysts.
Contact information:
AVEC Asset Management AS
Tõnu Uustalu
+ 372 6144 597
Tonu.Uustalu@arcovara.ee
East Capital Private Equity
Torbjörn Odenhagen
+ +46 8 505 88 516
torbjorn.odenhagen@eastcapital.com