This website uses cookies. By continuing to use the website, you agree to the use of cookies.

Privacy policy

Creating homes in a
smart way

...directly tapping the market’s pulse

2008


The announcement released on 14.05.2008 excluded some of the required information about Mr. Ragnar Meitern.

At the moment when Mr. Ragnar Meitern was elected as new member of Supervisory Board, he owned no shares of Arco Vara AS and was not a member of any Managerial Body of any business.

Today Mr. Ragnar Meitern does not own any Arco Vara AS shares and is not a member of Managerial Body of any other company.

Heigo Metsoja
CFO
+372 6144 654
This email address is being protected from spambots. You need JavaScript enabled to view it.
http://www.arcorealestate.com



Today, September 1st, at 4pm Baltic time (GMT +2), Arco Vara management will be participating in a post-results conference call.
 
Attending will be: Lembit Tampere (CEO), Heigo Metsoja (CFO)
 
Participants call into conference by dialing the city dial-in number closest to you  and then dial your meeting number - 499752, prefixed and followed by the star * key.

+1 (1) 334 420 5610 USA Toll
+44 (0) 20 7157 2087 (London)
+358 9 2311 3220 (Finland)
+1 800 410 5732 USA Canada toll-free


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

On 02.09.2008 SEB Bank notified Arco Vara that as of 29.08.2008 on the representative account in Skandinaviska Enskilda Banken AB Clients the qualifying holding exceeds 10%. Non of the actual owners of the shares behind the account don't have over 10%.

 


Arco Invest EOOD, a development arm of Arco Vara in Bulgaria, signed a contract with Road Construction Equipment Jsc. for construction of 1st phase of Manastirski project. Total value of the contract is 101,5 mln kroons (6,1 mln euros) without VAT and the construction lasts 14 months.

According to the Head of Arco Vara development arm Mr. Veiko Taevere Manastirski is our biggest development project in Sofia: „We hope to repeat the success we have gained so far in developments in Sofia. The project has very competitive pricing and we have signed already 8 pre-bookings even before the official sales campaign. All the budgeted construction costs of the project are covered by already signed loan agreement.“

The land plot is located approx. 3 km from city centre. Total gross space of the project is 35 000 m2 and includes 284 apartments, 25 commercial premises on the ground floor and secured underground parking spaces for 217 cars. Sales
activities are managed by Arco Real Estate's service division in Bulgaria. More information about the project can be found on  www.arcoreal.bg

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.

1 EUR=15.6466 EEK

 


According to the decision of Arco Vara AS Supervisory Board that was made on September 18, 2008 Avo Rõõmussaar (Head of Service Division) is withdrawn from
Arco Vara AS management board and from all other managerial bodies of the Group on October 15, 2008. No new member of the management board is appointed and the management body continues with three members: Lembit Tampere (CEO), Heigo Metsoja (CFO) and Veiko Taevere (Head of Development Division).

Supervisory Board thanks Avo Rõõmussaar for the great job done so far and for initiating restructuring process in the Service Division. The Service Divison
continues with the same business model by staying close to its partners and clients and developing further its core activities: brokerage, valuation,
property advisory and property management.

Arco Vara is one of the 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.