Arco Vara established a joint venture with Riga municipality

Arco Real Estate SIA, a 80% subsidiary of Arco Group, and Rīgas Pilsētbūvnieks
LLC, a company belonging to Riga municipality, established a 50%/50% joint
venture for residential development project. 

The project is in the Plavnieku district. Land plot size is 12 255 m2 and
construction right 36 765 m2. Statutory capital of the company is 2,2 mLVL
(mEUR 3,1). Rīgas Pilsētbūvnieks LLC contributes the necessary land in amount
of 1,1 mLVL (mEUR1,55) and Arco Real Estate SIA cash in the same amount. 

“Co-operation with the municipality enables to move on fast and better consider
the needs of the municipality and citizens of Riga”, said Arco's CFO Aare
Tammemäe. 


1 EUR=0,7028 LVL
1 EUR=15,6466 EEK
1 LVL= 22,1313 EEK


Additional information:
Heigo Metsoja
Head of Investor Relations
+372 6144 654
heigo.metsoja@arcovara.ee
www.arcorealestate.com