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Privacy policy

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Company

  • This privacy policy (hereinafter: privacy policy) applies to all cases of Arco Vara AS (hereinafter: Arco) processing the personal data of natural persons (hereinafter: client).
  • Arco has the right to amend and add to the policy. Clients are notified of changes in the policy by email (if Arco has access to the client’s email address).

Chief processor and data protection official

  • The chief processor of the client’s personal data is Arco Vara AS, registry code 10261718, address Harju County, Tallinn, Kesklinna district, Maakri tn 19/1, 10145.
  • Explanations and additional information regarding all issues concerning the privacy policy and processing of personal data are available for the clients from the data protection official of Arco.
  • In order to contact the data protection official, the client shall send an inquiry by email to the address This email address is being protected from spambots. You need JavaScript enabled to view it..

Principles of processing personal data

  • Arco shall process personal data provided by the client in compliancy with the requirements established in current law, and shall always be guided by the client’s interests, rights and freedoms when processing personal data.
  • Arco’s objective is responsible processing of personal data, guided by best practice and with a view of being always prepared to demonstrate the compliance of processing of personal data with the goals established.
  • All processes, instructions, activities and operations related to processing of personal data in Arco are guided by the following principles:
  • the processing of personal data involves legal basis, such as consent;
  • Processing of personal data is fair, requiring first and foremost that the client has sufficient information on how personal data are processed;
  • Processing of personal data is transparent to the client;
  • Personal data are collected for purposes which are established precisely and clearly, and they are not later processed in a way that conflicts with those purposes;
  • Personal data shall be relevant, important and limited to what is necessary for the purpose of processing those personal data. When processing personal data, Arco is guided by the principle of minimal processing and when personal data are no longer necessary, or no longer necessary for the purpose for which they were collected, then they shall be deleted;
  • Personal data are correct and updated if necessary, and all reasonable measures are adopted to ensure that personal data which are incorrect for the purpose of processing personal data are deleted or amended immediately;
  • Limit of preservation. Personal data are preserved in a form enabling to identify the client only as long as it is necessary for meeting the purpose for which the personal data are processed. This means that if Arco wishes to keep personal data for longer than necessary for the purpose of collection, Arco shall anonymize data in a way to ensure that the client can no longer be identified;
  • Reliability and confidentiality. Personal data are processed in a way that ensures relevant security of personal data, including protection from unauthorized or unlawful processing and accidental loss, destruction or damage, with the use of reasonable technical or organizational measures;
  • Default and integrated data protection. Arco ensures that all systems used comply with the required technical criteria. Suitable data protection measures are planned into the update or design of each information and data system (e.g. information systems and business processes are built on the basis of prerequisites for pseudonymization and encryption).
  • When processing personal data, Arco is guided by the objective of always being able to prove meeting the above principles and additional information on following those principles can be requested from the data protection official of Arco (This email address is being protected from spambots. You need JavaScript enabled to view it.).

Purposes of processing personal data

  • Arco collects the personal data of the client for the following purposes:
  • for providing services to the client (incl. brokerage service, evaluation, real estate consulting);
  • for carrying out pre-contractual negotiations and communicating with clients who are interested in the service;
  • for forwarding marketing notices and information letters to the client.

Personal data to be processed

  • Arco shall process the following personal data:
  • in cases provided in clauses 1 and 10.2 – the client’s first and last name, address, company (if necessary), telephone number, email address, data of real estate owned by the client, ID code/date of birth, gender;
  • in cases provided in clause 3 – the client’s email address, first and last name, and information on the client’s location (at county level);

Legal basis for processing personal data

  • Arco will general process the client’s data because it is necessary for performing a contract concluded with involvement of the client (see clause 1 above) or adopting measures before concluding a contract pursuant to the client’s request (see clause 10.2 above). In this case, the legal basis for processing data is the contract concluded with the client or the client’s petition for undergoing pre-contractual negotiations.
  • Arco shall process the client’s personal data for providing marketing materials and offers only if the client has provided their consent for it (see clause 3 above). In this case, the legal basis for processing data is the client’s consent.

Forwarding personal data to third persons

  • Arco shall not forward the client’s personal data to third persons, except to:
  • the provider of email forwarding service, if Arco is forwarding marketing materials and offers to the client;
  • the ICT system developer of Arco in the extent necessary for managing the databases of Arco, providing services and communicating with clients;
  • other members of the Arco Group (incl. to Arco Vara AS and subsidiaries of Arco Vara AS) in an extent necessary for providing services to the client (incl. [list group members]);
  • All authorized processors listed in clause 14 shall ensure the same level of personal data protection as Arco.

Preservation of personal data

  • The client’s personal data shall be preserved:
  • for up to 3 years after the expiry of the contractual relationship in the extent to which Arco processes the client’s personal data in relation to providing services (see clause 1 above);
  • for up to 3 years after the last contact with the client in the extent to which Arco processes the client’s personal data in relation to carrying out pre-contractual negotiations and communication with clients who are interested in services (see clause 2 above);
  • indefinitely until the client withdraws consent in the extent to which Arco processes personal data for forwarding marketing materials and offers (see clause 3 above);

The client’s rights in regards to processing personal data

  • The client has the right to contact the data protection official of Arco at any time (This email address is being protected from spambots. You need JavaScript enabled to view it.), to exercise their legal rights:
  • right to request access to personal data concerning the client;
  • right to request amendment of data;
  • right to request deletion of data;
  • right to restrict the processing of personal data;
  • right to object to processing personal data;
  • right to demand for transfer of personal data;
  • right of not being subject to a decision based on automated processing;
  • right to withdraw consent;
  • right to submit a complaint to the Data Protection Inspectorate.
  • If the client has requested to receive the newsletters and/or personal offers of Arco, the client has the right to forgo them at any time by clicking the corresponding link indicated in each offer or sending a relevant notice to the email address of the data protection official of Arco at This email address is being protected from spambots. You need JavaScript enabled to view it..

Tarmo Sild participates in the management of the following enterprises:

  • Member of Management board of AS IuteCredit Europe
  • Member of Management board of MFV Lootus OÜ
  • Member of Management board of Aia Tänav OÜ
  • Member of Management board of ALARMO KAPITAL OÜ 
  • Member of Management board of OÜ Catsus

Alarmo Kapital OÜ has 489,188 shares of Arco Vara AS, 8.0% of Arco Vara shares. Shareholders of Alarmo Kapital OÜ are Tarmo Sild and Allar Niinepuu.

ARCO VARA AS ARTICLES OF ASSOCIATION

Approved by the resolution of the ordinary general meeting of shareholders in 12th of May, 2011.

I BUSINESS NAME AND LOCATION

1.1. The business name of the public limited company is Arco Vara AS.

1.2. The location of the public limited company is the Republic of Estonia, Tallinn.

II SHARE CAPITAL AND SHARES

2.1. The minimum amount of the Company’s share capital shall be 2,500,000 Euros and the maximum amount of the share capital shall be 10,000,000 Euros.

2.2. Within the minimum and maximum limit set out under 2.1 of the present Statutes, the share capital of the Company may be increased and decreased without amending the present Statutes.

2.3. The Company only owns registered shares of one type with a nominal value of 70 (seventy) Eurocents. Each share provides 1 (one) vote in the general meeting. No share certificate is issued for the shares. A share grants the shareholder the right to participate in the general meeting of shareholders and in the distribution of the profit and the remaining assets of the Company upon its termination, as well as other legal and statutory rights.

2.4. The increase and decrease of the share capital is decided by the general meeting of shareholders. A resolution on the increase or decrease of the share capital shall be taken, if at least 2/3 of the votes represented in the general meeting are in favour of the resolution.

2.5. Upon increasing the share capital, the shareholders have the pre-emptive right to subscribe for the new shares in proportion with the total amount of the nominal value of their shares. The pre-emptive right of shareholders may be excluded by a resolution of the general meeting, if at least ¾ of the votes represented in the meeting are in favour of the resolution.

2.6. The contributions to the share capital of the public limited company may be monetary and non-monetary. The value of a non-monetary contribution is determined by the Management Board of the Company based on the usual value of the thing or right being the object of contribution. Should there be generally acknowledged experts for the evaluation of the object of contribution, the non-monetary contribution is evaluated by them. The evaluation of the value of a non-monetary contribution is evaluated by an auditor.

2.7. Shareholders are entitled to freely transfer their shares. There is no pre-emptive right upon transferring shares to third parties.

2.8. Shareholders are entitled to pledge their shares. In order to pledge a share, a written disposition is required on the pledge as well as a notation made on the pledge in the Estonian Central Register of Securities.

2.9. The size of the legal reserve is 1/10 of the share capital of the Company, unless the law sets out otherwise.

2.10. The Company may issue convertible debentures that can be exchanged by their owners against shares under conditions set out in the debentures.

III GENERAL MEETING OF SHAREHOLDERS

3.1. The supreme management body of the Company is the general meeting of shareholders.

3.2. The ordinary general meeting shall be called at least once a year within six months after the end of the financial year of the Company. The shareholders shall be given at least three weeks’ advance notice of a general meeting.

3.3. An extraordinary general meeting of shareholders shall be called if the management board of the Company considers it to be necessary or if this is demanded by the Company’s supervisory board, auditor or shareholders whose shares represent at least one-twentieth of the share capital as well as in other events prescribed by law. The request for calling an extraordinary general meeting of shareholders shall be sent to the management board of the Company in writing, by showing the reason for calling. The shareholders shall be given at least three week’s notice of an extraordinary general meeting of shareholders.

3.4. A notice on the general meeting shall be sent by the Management Board to all shareholders following the procedure set out in legislation. If the Company has more than 50 shareholders, no notices are required to be sent to shareholders, instead a notice shall be published at least in one national newspaper.

3.5. The notice of the general meeting shall include the agenda of the meeting and other information required by law.

3.6. The circle shareholders entitled to participate in the general meeting of shareholders shall be determined as of seven days prior to the date of holding the meeting.

3.7. The competence of the general meeting is to:

3.7.1. amend the articles of association;

3.7.2. increase and reduce share capital;

3.7.3. issue convertible bonds;

3.7.4. elect and remove members of the Supervisory Board;

3.7.5. elect auditor(s) and decide on their remuneration;

3.7.6. designate a special audit;

3.7.7. approve the annual report and distribute profit;

3.7.8. decide on dissolution, merger, division or transformation of the Company;

3.7.9. decide on conclusion and terms and conditions of transactions with the members of the Supervisory Board, decide on the conduct of legal disputes, and appointment of the representative of the public limited company in such transactions and disputes;

3.7.10. decide on other matters placed in the competence of the general meeting by law.

3.8. The general meeting has a quorum if more than one half of the votes determined by shares are represented.

3.9. In case the required number of votes are not represented in the general meeting, the Management Board calls within 3 (three) weeks, but not earlier than within 7 (seven) days, a new general meeting with the same agenda. The new general meeting has a quorum regardless of the votes represented in the assembly.

3.10. A resolution of the general meeting shall be adopted if more than one half of the members of the votes represented in the meeting vote in favour, unless a greater representation is required by law or other provisions of these statutes.

IV MANAGEMENT BOARD

4.1. The Management Board of the Company consists of 1 (one) to 5 (five) members elected for three years. Repeated electing of the Members of the Management Board is allowed.

4.2. In the event that the Management Board has more than 2 (two) members, the Chairman of the Management Board shall be appointed by the Supervisory Board by its resolution.

4.4. The area of responsibility, tasks and other rights and obligations of a Member of the Management Board may be defined more specifically in an agreement concluded with him/her.

4.5. The Company may be represented in all legal acts by the Chairman of the Management Board solely or by two other members of the Management Board together. The right of a member of the Management Board to represent the Company may be additionally restricted by a resolution of the Supervisory Board.

4.6. A consent of the Supervisory Board is only required for the Management Board in following transactions and operations:

(i) acquiring and termination of a holding in other companies;

(ii) establishing or termination of a subsidiary;

(iii) approval and amendment of the activity strategy;

(iv) considerable changes in the activity of the Company or involving the Company in a business activity that is not related to the objectives of the present business activity.

4.7. A member of the Management Board shall not participate in voting on a consent for a transaction between the Company and the member of the Management Board as well as between the Company and a legal entity where the member of the Management Board or persons connected with him/her have a major holding.

4.8. The meetings of the Management Board shall be recorded in the minutes.

4.9. A more specific work organisation of the Management Board shall be approved by the Management Board by its resolution.

V SUPERVISORY BOARD

5.1. The Supervisory Board of the Company consists of 5 (five) to 7 (seven) members.

5.2. The term of office of the Supervisory Board is 5 (five) years.

5.3. The members of the Supervisory Board shall be elected and removed by the general Meeting. A written consent of a member of the Supervisory Board is required for his/her election.

5.4. The members of the Supervisory Board shall elect a Chairman from among themselves, who shall organise the activities of the Supervisory Board.

5.5. The meetings of the Supervisory Board shall be held when necessary but not less frequently than once every three months. A meeting of the Supervisory Board shall be called by the Chairman of the Supervisory Board or a member of the Supervisory Board being his/her deputy. A 3 (three) days notice shall be given on the meeting and its agenda.

5.6. A meeting of the Supervisory Board has a quorum if more than one half of the members of the Supervisory Board participate. The meetings of the Supervisory Board shall be recorded in minutes that shall be signed by the Chairman of the Meeting, the recorder, and all members that participated in the meeting.

5.7. A resolution of the Supervisory Board shall be adopted if more than one half of the members of the Supervisory Board who participate in the meeting vote in favour. The Supervisory Board shall be entitled to take resolutions without calling a meeting if all members of the Supervisory Board agree with it. Resolutions made without calling a meeting shall be considered taken if all members of the Supervisory Board agree with the resolution.

5.8. The competence of the Supervisory Board:

5.8.1. approval of the annual budget and the risk management principles;

5.8.2. deciding on issues listed under clause 4.6. of the present statutes and giving a consent for making transactions and operations listed under this clause;

5.8.3. appointing and removing a procurator;

5.8.4. deciding on terms and conditions for making transactions with members of the Management Board of the Company, as well as deciding on carrying out legal disputes, and appointing a representative of the Company for the transactions and the legal disputes.

VI REPORTING AND DIVIDENDS

6.1. The financial year of the Company starts on 1st January and ends on 31st December.

6.2. The Management Board shall prepare and submit the annual report together with the auditor’s report and the profit distribution proposal to the general meeting of shareholders, as set out by law.

6.3. The profit distribution resolution shall be taken by the general meeting on the basis of the annual accounts.

6.4. The general meeting of shareholders may take a resolution on organising special inspection in issues related to the management or the financial situation of the Company in accordance with the Commercial Code.

6.5. At the consent of the Supervisory Board, the Management Board of the Company may make advance payments to the shareholders after the end of a financial year and before approval of the annual report on account of the presumed profit in the amount of up to one half of the amount subject to distribution among the shareholders.

Information as of 31.12.2015

Hillar-Peeter Luitsalu participates in the management of the following enterprises:

  • Member of Management board of OÜ HM Investeeringud
  • Member of Management board of Loodusvarade Haldus MTÜ
  • Member of Management board of OÜ TIK Spordimaja

As the shareholder of OÜ HM Investeeringud he has 364,259 shares of Arco Vara AS, 6.0% of Arco Vara shares.


Rain Lõhmus participates in the management of the following enterprises:

  • Member of Supervisory board of AS LHV Pank
  • Member of Management board of AS LHV Group
  • Member of Supervisory board of AS LHV Finance
  • Member of Management board of AS Lõhmus Holdings
  • Member of Supervisory board of AS Audentes
  • Member of Supervisory board of AS Arhiivikeskus
  • Member of Supervisory board of AS Eften Kinnisvarafond
  • Member of Management board of OÜ Umblu Records
  • Member of Management board of OÜ Merona Systems
  • Chairman of Supervisory board of Kodumaja AS
  • Member of Supervisory board of Baltic Digital Archive AS
  • Member of Management board of AS LHV Capital
  • Member of Supervisory board of Kodumajagrupi AS (bankruptcy)

As the shareholder of AS Lõhmus Holdings he has 602,378 shares of Arco Vara, 9.8% of Arco Vara shares.

Allar Niinepuu participates in the management of the following enterprises:

  • Chairman of Supervisory board of AS IuteCredit Europe
  • Member of Management board of Alarmo Kapital OÜ
  • Member of Management board of Intelligent Robots OÜ
  • Manager of OÜ Kavass
  • Member of Management board of Gest Invest Grupp OÜ

As the shareholder of Alarmo Kapital OÜ he and Tarmo Sild have 489,188 shares of Arco Vara AS, 8.0% of Arco Vara shares.

 

Kert Keskpaik participates in the management of the following enterprises:

  • K Vara OÜ

As the shareholder of K Vara OÜ and privately he has 194,633 shares of Arco Vara AS, 3.2% of Arco Vara shares.

Steven Yaroslav Gorelik* has 3150 shares of Arco Vara AS, 0.1% of Arco Vara shares

* - Steven Yaroslav Gorelik is active as fund manager in three investment funds holding interest in Arco Vara (Firebird Republics Fund Ltd, Firebird Avrora Fund Ltd and Firebird Fund L.P) of 692,750 shares (total of 11.3% interest). .

Arco Vara põhiväärtused:

Partnerlus - meie klient on meie partner

Usaldusväärsus - oleme usaldusväärsed, avatud ja ausad

Professionaalsus - tagame oma kinnisvara teenuse kvaliteedi

Hoolivus - väärtustame klienti kui isiksust

Vastutustunne - peame kinni oma lubadustest

 

2019

  • ​The II stage of Kodulahe project at Lahepea 9 in Tallinn is finished.
  • ​Construction of the III stage of Kodulahe (Soodi 4) with 50 apartments begins.
  • Construction of Kodukalda development project in Tartu begins. The project consists of 4 apartment buildings with a total if 30 apartments.

2018

  • ​New land plots are acquired in a suburb of Sofia, becoming the Botanica Lozen development project.
  • Arco Vara arranges a public offering of shares in the amount of 3,74 mln euros. The proceeds are mainly used for the acquisition of Botanica Lozen land plots.
  • Last units are sold in Lahepea 7 building.
  • ​Construction of the II stage of Kodulahe (Lahepea 9) with 68 apartments and 1 commercial area begins.
  • ​Ownership of Arco REIT in Bulgaria is sold.
  • ​Ownerships of Estonian and Bulgarian real estate agencies are sold and licence agreements are signed with agencies. Arco Vara continues as a residential real estate developer in Estonia and Bulgaria.

2017

  • ​​The I stage of Kodulahe, Lahepea 7 apartment building is completed.
  • The construction of Iztok Parkside project begins in Sofia, consisting of 3 buildings with a total of 67 apartments.

2016

  • ​Euro Kinnisvarateenuste OÜ joins Arco Vara.
  • There are over 50,000 clients in Arco Vara Estonian database, i.e. every 25th Estonian resident is a customer of Arco Vara
  • ​​Last units of Manastirksi Livadi project in Sofia are sold. With 280 apartments, 36 commercial areas and 35,000 m2 of TBA, this is the largest independently developed project in the history of Arco Vara.
  • Construction of Stage I Kodulahe development project starts with 125 apartments and 5 commercial areas.
  • ​Viimsiranna development project in Estonia is successfully sold.
  • Ownership in the Latvian real estate agency is sold; the cooperation continues under licence agreement.

2015

  • The III stage of Manastirski Livadi project with 80 apartments and 8 commercial areas is finished.
  • Arco REIT project is launched, becoming a publicly traded company in Sofia.
  • Successful sale of two development projects in Estonia: Instituudi Road plots in Harku municipality close to Tallinn and Suur-Sepa plot in Pärnu.

2014

  • The II stage of Manastirski Livadi project is finalised with 122 apartments and 13 commercial areas.
  • Usage permit is granted to the Riga Bišumuiža-1 final stage apartment building containing 14 apartments.
  • For Kodulahe developmental project, a detailed plan is confirmed for constructing 330 apartments and commercial areas.

2013

  • Tehnika 53 residential development project is constructed and sold in Tallinn.
  • Last apartments are sold in Kodukolde residential development project.
  • Construction of Manastirski Stage II in Sofia begins.
  • Tivoli and Ahtri 3 plots are sold.
  • Residential development land plot on 70C Paldiski road is acquired in Tallinn for residential development.

2012

  • Manastirski Stage I building in Sofia, Bulgaria is awarded an occupancy permit.
  • Construction of the last 2 apartment houses in Kodukolde development project begins.
  • Tarmo Sild becomes CEO of Arco Vara AS.

 2011

  • Alasniidu kindergarten is completed.
  • Estonian Aviation Academy in Tartu is completed.
  • Last residential land plots are sold in Merivälja-2.
  • Construction of Lilletee kindergarten begins.
  • Construction of Stage I (71 apartments and 6 commercial areas) of Manastirski development project in Sofia starts.
  • Land plots are privatized in Latvia, “Mazais Baltezersi” district.
  • Partnership contract for development of Tivoli project (Estonia) with external investors is signed.

2010

  • Next phase of Kodukolde project construction starts in cooperation with Merko Ehitus,
  • The Boulevard Residence Madrid project in Sofia is granted an occupancy permit.

2009

  • Facility management services expand to Bulgaria.
  • Communications and streets of land plots development at the seaside in Merivälja-2 project in Tallinn are built.
  • Stage IV of residential development Kodukolde is finished.

2008

  • In Sofia, construction works on Boulevard Residence Madrid and Manastirski Livadi projects commence.
  • The Estonian construction company Arco Ehitus is awarded with ISO certificates.
  • Lembit Tampere becomes the new CEO of Arco Vara.

2007

  • Expansion of Arco Development in Lithuania and Bulgaria - first development projects launched in these countries.
  • Arco Vara goes public with a IPO and the subsequent listing of shares on the Tallinn Stock Exchange on June 21, 2007.

2006

  • Expansion and opening of offices in Bulgaria and Romania.
  • An international service organization based on a single set of standards takes shape.

2005

  • New real estate portfolio, Explorer Baltic Property Fund – Baltic States is launched in cooperation with East Capital.
  • Development activity is expanded throughout the Baltics.
  • The Ukrainian office is opened in Kiev.
  • Successful merger of Estonian regional real estate offices into Arco Kinnisvarabüroo AS takes place.
  • Arco Vara increases its share capital, involving Hansabank with a holding of 10.5%.

2004

  • The final implementation of the Arco Vara Group managerial unit is completed and a transition is made to a three pillar structure.
  • Successful development activity is launched in Latvia through Arco Development SIA.
  • Construction activities of the group are actively developed.

2003

  • A forest auction system, metsaoksjon.ee, is created and Arco Vara Puukooli OÜ is founded as a nursery, seedling sale centre and forestry renewal company.
  • Cooperation begins with a leading German real estate group DEC.
  • A majority stake is acquired in the construction firm Deena Ehituse Llc.
  • Arco Vara becomes the personal main sponsor of a top Estonian skier, Jaak Mae.

2002

  • Arco Vara purchases the Tallinn Olympic Yahting Centre from the Ministry of Culture.
  • Arco Real Estate Latvia launches the first large-scale residential development in Baltezers near Riga – the Marsili residential area.

2001

  • One of Estonia’s largest construction supervision companies, Tallinna Linnaehituse AS, is acquired in a public tender.
  • Arco Kapitalijuhtimise AS is founded with the aim of managing real estate investment programmes to be launched and offering various investment opportunities.

2000

  • Arco Maadehalduse OÜ, a forestland, land management and brokerage company, is founded.
  • An Arco Vara office is founded in Vilnius, Lithuania.

1999

  • Arco Vara Tartu Office acquires the Ristiku shopping centre in Tartu, then in poor financial state. It is the first sanitation of a real estate firm in Arco Vara history. The centre is sold successfully in 2002.
  • A historical building in Pärnu (address Aia 8) is acquired and renovated on the initiative of Arco Vara Pärnu Office.

1998

  • Commencement of a second large-scale residential development project (40 hectares), Merivälja 2.

1997

  • Arco Vara begins expansion to other Baltic States. The first step is the establishment of Arco Real Estate in Riga. Today, Arco Real Estate is a successful real estate company in Latvia.
  • Arco Vara establishes Arco Vara Halduse OÜ, a company to provide real estate management services
  • Cooperation with the developer and constructor TTP begins for the brokerage of a large real estate development project in Pirita in Tallinn.

1996

  • One of the largest real estate development projects in the Baltics – Veskimöldre – is launched.
  • Arco Vara begins offering land surveying services.

1995

  • The real estate development subsidiary, Arco Investeeringute AS, is founded.
  • In cooperation with partners, 2.1 hectares of commercial land is purchased in Tallinn's passenger port.
  • Activity is expanded to southern Estonia.

1994

  • The Estonian Association of Real Estate Companies is founded, with Arco Vara as a founding member.
  • The Arco Vara Pärnu Office is founded.
  • The first contract for the right of superficies in Tallinn is concluded involving a piece of real estate owned by the Republic of Estonia.

1993

  • Arco Vara’s Saare office is founded. This represents an expansion of activity beyond Tallinn.
  • Arco Vara is responsible for conducting what to its knowledge was the first real estate transaction in independent Estonia.

1992

  • AS Arco Vara is founded by Arti Arakas and the company starts its operations as a real estate agency in Tallinn.
  • Soon Richard Tomingas and Hillar-Peeter Luitsalu join the company and active development and expansion of the company begins.