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


Arco Vara group sold its 100% holding in Lithuanian brokerage subsidiary called UAB IKAS Projekt. The entity was previously called Arco Real Estate UAB. The transaction is a part of restructuring activities of Arco Vara group's service division. The buyer is OÜ Secure Invest.

The transaction does not have significant material economical effect on the activities of Arco Vara AS and does not qualify as a transfer of significant shareholding nor a related party transaction within the meaning of “Requirements for Issuers” of the NASDAQ OMX Tallinn Stock Exchange Rules. The members of the supervisory board and management board of Arco Vara AS do not have any personal interests in the incorporation of the company.

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 20 cities and employs 460 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

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


Arco Vara group's Latvian brokerage office sold its 50% shareholding in Latvian special purpose company called SIA Plavnieku centrs for 11.5 mln kroons (0.7 mln euros). The group had invested to the project 15.7 mln kroons (1.0 mln
euros). The buyer is SIA Plavnieku centrs itself. After the transaction Arco Vara group has no shareholding in the project.

The transaction does not have material economical effect on the activities of Arco Vara AS and does not qualify as a transfer of significant shareholding nor a related party transaction within the meaning of “Requirements for Issuers” of the NASDAQ OMX Tallinn Stock Exchange Rules. The members of the supervisory board and management board of Arco Vara AS do not have any personal interests in the incorporation of the company.

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 20 cities and employs 460 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

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


Arco's construction division signed an agreement to design and construct drinking water system in drainage basin of rivers Emajõe and Võhandu in Estonia. Contract volume is 60.7 mln kroons (3.9 mln euros) without VAT. The construction starts right now and ends in January 2010.

Arco Vara is one of the leading real estate developer in the Baltic's, undergoing a SEE expansion with presence established already in Ukraine and Bulgaria. Core business is real estate development supported by brokerage network and construction arm. The company has offices in 20 cities and employs 460 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

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


Arco Group refinanced its short-term debt in Sampo bank in amount of 95.1 mln kroons (6.1 mln euros) in project Kolde in Tallinn, Estonia. New maturity of the debt is May 2010 and interest rate is 6-month Euribor+2.0%.

Additional information on project Kolde: http://www.kodukolde.ee/?id=48

Arco Vara is one of the leading real estate developer in the Baltic's, undergoing a SEE expansion with presence established already in Ukraine and Bulgaria. Core business is real estate development supported by brokerage network and construction arm. The company has offices in 20 cities and employs 460 people. According to 2007 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

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


 


The announcement released on 08.12.2008 stated misleading agreement volume of 60.7 mln kroons (3.9 mln euros) without VAT. The corrected release follows:

Arco's construction division signed an agreement to design and construct drinking water system in drainage basin of rivers Emajõe and Võhandu in Estonia.

Total volume of the project is 75.0 mln kroons (4.8 mln euros) without VAT, of which Arco Ehitus OÜ makes construction and installation works for 42.7 mln kroons (2.7 mln euros) without VAT.

1 EUR=15.6466 EEK

Arco Vara AS


Arco group refinanced its long-term debt in SEB bank in projects Laeva and Tivoli in Tallinn, Estonia. As a result of the agreement Arco must pay back principal in amount of 40.0 mln kroons (2.6 mln euros) and SEB Bank agrees to release liquidity covenant. According to the covenant Arco had to maintain the level of liquid assets in amount of 150 mln kroons (9.6 mln euros) on SEB accounts.

The maturity of the debt is still March 2010 and new outstanding balance will be 126.0  mln kroons (8.1 mln euros). Interest includes SEB's base rate on kroon facilities and the total weighted average rate is 8.12% per annum.

Arco Vara is one of the leading real estate developer in the Baltic's, undergoing a SEE expansion with presence established already in Ukraine and Bulgaria. Core business is real estate development supported by brokerage network and construction arm. The company has offices in 20 cities and employs 400 people. According to 2007 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

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