Subsidiary on Arco Vara AS, Arco Vara Kinnistute AS sold retail facilities in
Kuressaare on Tallinna str. 77/79 /Kalevi Str. 6. Deal value was 29 mln kroons
(1,85 mln euros) wo. VAT.
After repayment of debt net cash flow to Arco is 13,2 mln kroons (0,84 mln
euros). Arco didn't earned significant gain or loss on the deal.
Arco Vara confirms that the transaction does not constitute a transaction with
related parties or financially important enough within the meaning of the
Tallinn Stock Exchange Rules and the members of the supervisory council and
management board of Arco Vara are otherwise not personally interested in the
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.
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