On 10 May, 2016, Arco Vara AS finished the process of acquiring two land plots in Sofia. The process was started by concluding the pre-purchase agreement regarding which an announcement was disclosed on 8 July, 2015. Arco Vara AS acquired the Bulgarian company Sofia Parkside EOOD which owns the land plots in Iztok district in Sofia with total area 2470 sqm.
CEO Tarmo Sild’s comment:
“Arco Varas target for next two years is to double the volume of activity and becoming the leading residential real estate developer and the most anthropocentric real estate agency. Our annual revenue should exceed 20 million euro, net profit - 2 million euro and the client base of people consuming our services should exceed 100 000 people. Our products have to have high quality, stand out and set an example according to which the clients make their selection.
By acquiring 100% of the shares of Sofia Parkside EOOD we made an important step towards our growth. The apartments that will be built on the acquired land plots are well located, nearby metro connection, and half of the development is bordered by a park. Last ten months we have been developing without substantially investing equity capital. Architectural contest was held and won by the concept of an international architectural bureau Stephan George International, whose concept takes into consideration the lessons that we have learned in Manastriski Livadi, including simple but effective construction solutions, optimization of space use, environment, sustainability and others. In the second quarter we will finish the detail plan. In the third quarter we will finish the design and obtain the building permit. Constructions works and presale will begin in the fourth quarter.
Taking into account the excellent development work of our Sofia team in Manastriski Livadi project, the growth of Sofia as a city and the concentration of Bulgarian economy in the metropolises, all the preconditions are met for expecting the success of the project. The project consists of three apartment buildings with GSA ca 7700 sqm and expected revenue is over 7 million euro. The prognosis is conservative as were our current prognoses in Manastriski Livadi project. I actually expect more”.
Evelin Kanter
Head of Legal Department
Arco Vara AS
Tel: +372 614 4594
evelin.kanter@arcovara.ee
http://www.arcorealestate.com