Tallinn City Council approved the zoning for planned residential district on
Narva street 67 in Kadriorg Tivoli area. The plot is in full ownership
of Arco Vara subsidiary Arco Investeeringute AS.
The gross space of up to 5 storey apartment buildings is 51 400 m2, commercial
buildings 7 000 m2 and underground parking facilities 21 150 m2. 11 houses will
include in total 605 apartments. The code name of the project in Arco's
reporting is “Tivoli”. Arco is considering to start the construction in 2008.
“The approval of the zoning decreases significantly our investment portfolio's
exposure to zoning and asset liquidity risks and makes it much easier to
evaluate the fair value of the site”, says Arco's CEO Mr. Aare Tammemäe.
Arco Vara is a leading real estate developer in the Baltic's, undergoing a CEE
expansion with presence established already in Ukraine, Bulgaria and Romania.
The operations involve real estate development, brokerage, construction and
investment management arm. The company has offices in 30 cities and has in
total 664 employees. According to 2007 audited consolidated results net sales
was 727 mln kroons (46 mln euros), net profit before minorities 235 mln kroons
(15 mln euros) and assets 3 564 mln kroons (228 mln euros). Arco Vara is listed
on Tallinn Stock Exchange.
1 EUR=15,6466 EEK
Heigo Metsoja
IRO
+372 6144 654
heigo.metsoja@arcovara.ee
http://www.arcorealestate.com
