On 14.08.2007 Arco Capital EOOD, a subsidiary of Arco Vara AS, and Raiffeisen Bank signed a loan agreement in order to finance "Madrid" development project. The value of the contract is mEUR 13,5. According to the conditions precedent the loan must be secured by the mortgage on the land. Interest rate is 3m Euribor+3,5% and must be repaid by 20.06.2010. The plot has a construction right of 24 700 m2 of gross space. In three years the company constructs there residential and commercial spaces. 1 EUR=15,6466 EEK Additional information: Heigo Metsoja +372 6144 654 heigo.metsoja@arcovara.ee