18.03.2011 Arco Vara AS issued a Stock Exchange announcement: „Arco Vara associate attracts 11,4 MEUR for the development of the Tivoli project and repays SEB loan.“
Announcement states: „As the property and the holding were sold at their balance cost, they will not have a significant influence to the balance sheet and the income statement of the group. As a result of the transactions, Arco Investeeringute AS redeemed to SEB Pank all the loan in the amount of 5,432,490 EUR that was raised for acquisition of the land for the Tivoli project.“
The rectified wording follows:
The transaction was executed at book value thus the balance sheet as well as the liabilities of the group decreased by 5,4 MEUR, having a significant influence as to the liabilities and balance sheet of the group. There is no signficant influence to the income statement of the group. As a result of the transactions, Arco Investeeringute AS redeemed to SEB Pank loans in the amount of 5,432,490 EUR.
Established in 1992, Arco Vara is one of the leading real estate development companies in the Baltic countries. The main activity of the company is real estate development, supported by appraisal, construction and real estate administration.
The company has offices in 17 cities in Estonia, Latvia, Ukraine and Bulgaria.
Lembit Tampere
Member of the Management Board
Arco Vara AS
Tel: +372 614 4630
info@arcovara.ee
http://www.arcorealestate.com