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Creating homes in a
smart way

...directly tapping the market’s pulse

2008


Arco Vara informs the shareholders that the District Court of Tallinn on August 11th has maintained a Tallinn Administrative Court decision to halt the execution of a resolution by Tallinn City Council that establishes the zoning and construction rights in the Tivoli project on Narva street 67 in Tallinn, Estonia, as a measure of preemptive legal protection. The District Court decision on establishing preemptive legal protection is not subject for appeal.

A private person living in a flat nearby the Tivoli project has contested the resolution, arguing that 780 parking lots in the approved zoning plan is not in accordance with Tallinn Parking Development Plan for years 2006-2014, according to the number of parking lots in Tivoli project should be 907. In addition, the complainant has estimated, that administrative act, which determined the zoning plan, has lack of motivation over matters of facts why changes in master plan has been needed and why the need of environmental impact assessment has not been considered.

Arco Vara is involved in the process as a third person. “Considering Arco's will to execute the project in longer perspective, we figure the probability of finally receiving a positive decision high,” says Arcos CEO Mr. Aare Tammemäe.
Arco Vara will inform shareholders on the further developments in the proceedings between the private person and Tallinn City Council.

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.
Core business is real estate development supported by brokerage network and construction arm. The company has offices in 29 cities and employs over 600 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


Arco Vara AS informs the change in the qualifying holding of share capital.

SEB Bank notified Arco Vara that on the representative account in Skandinaviska Enskilda Banken AB Clients the qualifying holding exceeds 5%. Non of the actual owners of the shares behind the account don't have over 5%.

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.
Core business is real estate development supported by brokerage network and construction arm. The company has offices in 29 cities and employs over 600 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


Arco Invest EOOD, a 100% subsidiary of Arco Group refinanced the loan for “Madrid” project in Sofia. New loan amount is 242.5 mln kroons (15.5 mln euros), base rate 3m EURIBOR and the margin is 2.5% per annum.

Refinancing improves loan covenants, increases amount by 31.3 mln kroons (2.0 mln euros) and decreases the margin by 100 basis points. By now, the project has been financed by equity of which some can now be refinanced by debt according to the new agreement signed by Piraeus Bank Bulgaria PLC.

Project info: http://www.arcoinvest.bg/blvd/

Arco Vara releases its 2Q results on 29.08.2008

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. Core business is real estate development supported by brokerage network and construction arm. The company has offices in 26 cities and employs over 570 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.

 


Arco Vara AS informs the change in the qualifying holding of share capital.

OÜ Freier Projekt's management board informs Arco Vara AS, that starting from 15.08.2008 OÜ Freier Project has 4 764 208 shares of Arco Vara AS, equal to 5.0% of share capital. Starting from 15.08.2008 Mr. Toomas Tool don't have any Arco Vara AS shares.

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. Core business is real estate development supported by brokerage network and construction arm. The company has offices in 29 cities and employs over 600 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.


 


The announcement released on 19.08.2008 excluded some of the required information on shares and voting rights in Arco Vara AS.

Arco Vara AS hereby informs about the change in the holdings and votes in Arco Vara AS.

OÜ Freier Projekt's management board informed Arco Vara AS, that starting from 15.08.2008 OÜ Freier Projekt owns 4 764 208 shares of Arco Vara AS, as a result of which the voting rights owned by OÜ Freier Projekt form 5.0% of voting rights represented by shares of Arco Vara AS. The sole shareholder of OÜ Freier Projekt is Mr. Toomas Tool. Thus 50% of Arco Vara AS shares are in indirect holding of Mr. Toomas Tool and 5.0% of the voting rights in Arco Vara AS are indirectly controlled by him. Management of OÜ Freier Projekt confirms that Mr. Toomas Tool has no more Arco Vara AS shares in his direct ownership.


Lembit Tampere is the new CEO of Arco Vara

The supervisory board of real estate group AS Arco Vara recalled the company' interim CEO Aare Tammemäe and member of the board Ahto Altjõe and hamed Lembit Tampere (33) the new chairman of the board of the group.

Heigo Metsoja, former investor relations officer and head of corporate finance, was hamed member of the board and CFO of Arco Vara, Lembit Tampere will focus on overall management of the group.

Arco Vara said Lembit Tampere and Heigo Metsoja will take office on August 26th, on the same day Aare Tammemäe and Ahto Altjõe will leave the board of Arco Vara, consequently they will be recalled from the management and supervisory boards of all subsidiaries of Arco Vara. Chairman of the board of Arco Vara Richard Tomingas said Lembit Tampere is a formidable specialist and a good manager, who knows well the real estate sector and related fields.
“Therefore the supervisory board decided to give him the opportunity to prove himself and move the company forward,” said Tomingas, adding that the company will stick to its conservative business development strategy.

Aare Tammemäe said he is leaving the company due to differences in approach to managing the firm.

Lembit Tampere has for the past five years run Austrian investment company ECE Capital OÜ's activities in the Baltic States, including development and sales deals on several real-estate and energy projects in Estonia, Latvia and Lithuania. Between 1997 and 2004 he worked at Eesti Ühispank (SEB Pank) as project manager in corporate finance, and between 2004-2005 as head of corporate finance in SBM Bank. Tampere has a bachelor's degree from Concordia International University in Estonia and Lakeland College in Wisconsin, USA.

Tampere will leave his post at Austrian investment firm ECE European City Estates AG subsidiary ECE Capital OÜ as chairman of the board in the coming weeks after filing appropriate paperwork.

Heigo Metsoja has for the past three years worked at Arco Vara as head of corporate finance and investor relations officer.

Lembit Tampere said Arco Vara is an incredibly strong brand on the Estonian and Baltic real estate market. “The decision to accept the offer by Arco Vara's supervisory board did not come easy. The opportunity to be a part of such a strong and large team presents itself seldom and the fact, that it is one of the most active and accomplished market players in all of the Baltics
determined my response. I wish to start immediately, familiarize myself with the team and group companies and develop principles for guiding future strategy,” added Tampere.

Richard Tomingas, chairman of the supervisory board said Arco Vara expresses its gratitude to Aare Tammemäe for willingness to take on the responsibilities of interim CEO of Arco Vara in very difficult circumstances last December.

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. Core business is real estate development supported by brokerage network and construction arm. The company has offices in 26 cities and employs 570 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. Arco Vara will publish its 1H 2008 results on August
29th.

Lembit Tampere has no shares in Arco Vara, Heigo Metsoja owns 46 500 shares.

 

Lembit Tampere CV

Education
1997              Lakeland College, Wisconsin, United States.  International Business Administration
1993 - 1997 Concordia International University in Estonia, BA, International Business Administration

Professional experience
2003 - 2008 ECE Capital OÜ, member of the board. 
2004 - 2005 SBM Pank AS, director of corporate finance.
1997 - 2004 Eesti Ühispank AS, project manager in Corporate Finance division.

 

Heigo Metsoja CV

Education:
2002 -           EBS, EMBA
1995-1999:  EBS, BBA

Professional experience:
2007.02 -     Member of the supervisory board, AS Tallinna Olümpiaspordikeskus
2007.02 -     Member of the supervisory board, Arco Investeeringute AS
2007.07 -     Investor Relations Officer, Arco Vara AS
2005.05 -     Head of Corporate Finance, Arco Vara AS
2003.09 - 2005.05:   Chairman of the board, CFO, AS Eesti Eine
2001.12 - 2003.09:   Credit analyst, corporate, AS Hansapank
1999.12 -  2001.12:  Financial analyst, Fortum Energia AS

Richard Tomingas
Chairman of the Supervisory Board