Arco Investeeringute AS, a 100% subsidiary of Arco Vara AS, sold its 100% shareholding in Lilletee LA OÜ. Lilletee LA OÜ owns a nursery school in Haabneeme, Viimsi parish, that the local government will lease for the next eight years.
The 100% shareholding of Lilletee LA OÜ was obtained by VM Investments OÜ specialising in investment property.
Developing commercial property and realizing it through the disposal of shares in project companies is part of Arco Vara Group's principal activities, the transaction does not have any substantial influence to the operations of the issuer.
The transaction cannot be considered as a transaction with related persons, neither do the members of Supervisory or Management Board have any personal interest in the transaction.
The 1535 m2 nursery school building for 144 children and 6 classes was designed and built by YIT Ehitus, the architect of the building is Veiko Tein from Arhitektuurinurk OÜ. The completed building will be handed over for use to the Viimsi local government in March 2012.
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