As it has been announced on 4 August 2015, Arco Vara AS established in Bulgaria a real estate investment fund Arco Real Estate Fund REIT (hereinafter: Arco REIT). Arco REIT applied for a real estate trust license and authorisation for listing the shares on Bulgarian Stock Exchange from Bulgarian Financial Supervision Authority.
On 28 December 2015, the Bulgarian Financial Supervision Authority granted Arco REIT the license and the authorization for listing. The Group now plans to finalise the technical preparations for listing the shares on Sofia Stock Exchange during Q1 2016, and participate in the following share capital increase through public offering of shares. The Fund’s effective investment activity should commence by year-end.
Arco REIT will be managed by the Group’s fully owned subsidiary Arco Invest EOOD. Arco REIT will focus on developments in Sofia and potentially other major Bulgarian cities, where invested equity shall be 5 million EUR or more. In parallel to participating in, and managing Arco REIT, the Group will pursue independently its own developments where invested equity shall be less than 5 million EUR.
Evelin Kanter
Head of Legal Department
Arco Vara AS
Phone: +372 614 4594
evelin.kanter@arcovara.ee