Subsidiary of Arco Vara signed a long-term lease contract with Austrian supermarket chain

Arco Invest EOOD (100 % development company of Arco Vara in Bulgaria) has
signed a lease contract for a period of 30 years with Billa Bulgaria EOOD,
within 10 years has Billa no right to determine the lease contract. Billa
leases ca 900 m2 of retail premises on the first floor. Contract volume of one
year is 157 000 EUR (2.5 MEEK). Pursuant to signed contract the first floor of
project Boulevard Residence Madrid will be almost entirely leased. 
70 % of residential premises in the project are booked. Building will be
finished at the end of this year. 

Billa is a supermarket chain founded in 1953. The company opened its first
hypermarket in Bulgaria in 2000 and has since then expanded to cover 26
Bulgarian cities, operating a total of 42 hypermarkets. 

Arco Vara is one of the leading real estate developer in the Baltic's,
operating also in Ukraine and Bulgaria. Core business is real estate
development supported by brokerage network, construction arm and property
management. The company has offices in 18 cities and employs ca  260 people.
Arco Vara is listed on Tallinn Stock Exchange. 
 
1 EUR=15.6466 EEK

Arco Vara