Arco Ehitus (100 % subsidiary Of Arco Vara) concluded a sale contract under the law of obligations to obtain office premices of Odra str. 16/Jakobi str. 29 in Tallinn on deferred terms. Present owner of the business premises is a company OÜ Euro Shipping belonging to the Chairman of Supervisory board of Arco Vara. Arco Ehitus has been the key tenant at the above mentioned address for the last five years and has paid rent to OÜ Euro Shipping. There are other tenants in the building. The price of the transaction is 10.2 MEEK (0.65 MEUR) of which a large part will be paid at the end of 2011. An independent valuator - Pindi Kinnisvara - estimated the market value of the asset as 10.7 MEEK (0.68 MEUR). Arco Vara is one of the leading real estate developer in the Baltic's, operating also in Ukraine and Bulgaria. Core business is real estate development supported by brokerage network, construction arm and property management. The company has offices in 18 cities and employs 240 people. Arco Vara is listed on Tallinn Stock Exchange. 1 EUR=15.6466 EEK Arco Vara AS