20.01.2015: Arco Vara returned in Bulgaria the construction loan of Manastirski Livadi residential complex before due date


On 19 January 2015, Arco Vara AS’s Bulgarian subsidiary Arco Manastirski EOOD returned the last part of the bank loan of the II phase of Manastirski Livadi residential complex construction works. The loan agreement (with 4,850 thousand EUR credit limit and with due date on 30 May 2016) was concluded in November 2013 before the beginning of the construction works. The usage of the loan credit peaked at 3,824 thousand EUR in November 2014. Repayment of the loan 16 months before the due date was possible as a result of the apartments’ good selling tempo – by now about 80% of the apartments and business premises have been sold or covered with preliminary sale contracts. The money that will be received from the future sales will be used to repay the bonds (issued in August 2013) in the amount of 750 thousand EUR. The whole revenue of the II stage of Manastirski Livadi is 9 million EUR and in case of 100% sell-out and after the fulfilment of all the obligations, group’s free cash flow will be over 3.5 million EUR.

 

         Evelin Kanter
         Head of Legal Department
         Arco Vara AS
         Tel: +372 614 4594
         evelin.kanter@arcovara.ee
         http://www.arcorealestate.com