On 16.01.2009 the subsidiary of Arco Vara AS - Arco Investeeringute AS (participating interest of Arco Vara AS - 100%) established a subsidiary Arco Facility Management OOD in Bulgaria, which will be offering comprehensive property management services to the local market. Arco Vara has been rendering real property brokerage services on the Bulgarian market since 2006. Property development business was added to the above in 2007 with the launch of two residential development projects BLVD Residence and L!VD Apartments. The BLVD Residence project will be completed this autumn. The expansion of the property management services to the Bulgarian market was triggered by the need of the existing clientele for comprehensive property management services where customers are given the possibility to resolve any issues pertaining to the management of a property via one single entity. In Bulgaria this type of services is currently still underdeveloped. The shareholders of Arco Facility Management OOD are Arco Invest EOOD - 80% (participating interest of Arco Investeeringute AS - 100%), Oliver Makko - 12% and Emil Metchikian - 8%. “The experience accumulated in Estonia allows us to expand our property management services to markets where this service is still at the development stage. The business of full-range property management services is stable even on a declining market, seeing that it is providing customers added value and possibilities for saving expenses,” says Oliver Makko, the head of Arco Facility Management commenting on the expansion. Information about development projects of Arco Vara: www.arcorealestate.com/development. Arco Vara AS