SIA Prime Capital, a 70% subsidiary of Arco Investeeringute AS (a 100% subsidiary of Arco Vara AS) privatised at an auction two properties with an area of 5.22 and 80.97 ha in the Baltezers elite residential area in the Garklane district near Riga, Republic of Latvia.
According to the auction conditions, 70% of the 1,604,000 euro purchase price will be paid within a month and the rest by the 31st December of this year.
The shareholders of the recently established SIA Prime Capital are Arco Investeeringute AS (70%) and SIA Dreilini-Ulbroka-1 (30%).
In the same area, the Arco Group has built the Mazais Baltezers residential area with 62 plots on an area of 13.1 ha. Arco Development SIA, a 70% subsidiary of Arco Investeeringute AS held the right of superficies on the privatised properties.
Arco Vara is a leading property development company in the Baltic areas, established in 1992. Main activity of the company is real estate development, supported by brokerage, valuation construction and facility management.
Company is represented in 17 cities in Estonia, Latvia, Ukraine and Bulgaria.
Lembit Tampere
CEO
Arco Vara AS
phone: +372 614 4630
lembit.tampere@arcovara.ee
http://www.arcorealestate.com