On 8 July 2015, Arco Vara AS signed a pre-purchase agreement with Ritorex EOOD, a subsidiary of a Spanish real estate group, for acquisition of a set of land plots with total area of 2470 sqm on Lachezar Stanchev street, Iztok district, Sofia. According to the agreement, the seller is obliged within the next 6 months to complete the agreed detail plan allowing residential construction and to secure deletion of an existing mortgage on the land plots in favour of a Spanish bank.
The transaction is structured as acquisition of shares of the company Sofia Parkside EOOD which is the sole owner of the land.
The land plots are in the middle of prestigious Iztok district, bordering Novachnitsa river and 500 m from metro stations, daily facilities and modern office building complex. According to the general city plan, the north-east side neighbouring municipal plots are designated as green areas.
With the acquisition Arco Vara AS continues its long-term strategy to develop its presence in Sofia residential market. The acquired project’s estimated volume is 7,800 sqm GSA above grade and expected pricing above the level of Manasrtirski Livadi development project. Estimated time for commencement of construction is the Q2 2016 at the latest and completion of the project by end of 2017 at the latest.
Evelin Kanter
Head of Legal Department
Arco Vara AS
Tel: +372 614 4594
evelin.kanter@arcovara.ee
http://www.arcorealestate.com