Arco Vara acquired first development project in Bulgaria in Sofia

On 12.07.2007 Arco Capital EOOD, a 100% subsidiary of Arco Investeeringute AS,
closed a land acquisition deal in Bulgaria in Sofia. 

Acquisition cost was mEUR 7,95, of which mEUR 1,0 was paid as a down payment
already on 27.04.2007. The remaining sum will be transferred to the seller as
soon as Arco Capital EOOD has been registered in the state land register as a
new owner. The deal is financed 100% by equity. 
 
The land plot situates in the Manastirski district, 2 km from the very center
of the city and has a construction permit. The size is 8 990 m2. According to
the zoning rights the above and underground construction volume in total is 34
700 m2. 

In three years the company plans to construct there commercial and residential
spaces. 
 
Additional information:
Heigo Metsoja
+372 6144 654
heigo.metsoja@arcovara.ee