According to the decision of Tallinn municipality, Tallinn city gives to Arco
Investeeringute AS, a subsidiary of Arco Vara AS, 5,0 ha of residential land.
In return Arco Investeeringute AS must give to the city 10,7 ha of social and
transportation land, pay 22,5 mln kroons (1,4 mln euros) and make
infrastructure investments according to initial evaluation in amount of 18,0
mln kroons (1,1 mln euros).
Including existing land position and zoning rights in the project Arco will
have in total 56 land plots with total area of 6,8 ha.
According to the head of Arco's development division Mr. Veiko Taevere the
decision enables to complete the project finally. “It's great to know that
after long and complicated negotiations the compromise satisfies both parties
and we are able to complete the residential district. Sales activities will
start in spring”.
Arco Vara is a leading real estate developer in the Baltic's, undergoing a SEE
expansion with presence established already in Ukraine, Bulgaria and Romania.
The operations involve real estate development, brokerage and construction arm.
The company has offices in 29 cities and employs over 640 people. 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
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