Arco Vara Group refinanced in SEB Bank its Estonian Kroon nominated loans in value of 157 mln kroons (10 mln euros) to Euro loans in order to decrease interest expenses. Base rate will be 6-month Euribor and margins between 2.75% to 3.85%. Maturities and securitization structure remained the same. The loans are related to Tivoli, Laeva, Kerberon and Pärnu Turg projects in Estonia. Based on current 6-month Euribor the Group's annual interest expense decreases over 5 mln kroons (0.3 mln euros). 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 ca 240 people. Arco Vara AS is listed on Tallinn Stock Exchange. Arco Vara AS