Arco Invest EOOD (100 % development company of Arco Vara in Bulgaria) has signed a lease contract for a period of 30 years with Billa Bulgaria EOOD, within 10 years has Billa no right to determine the lease contract. Billa leases ca 900 m2 of retail premises on the first floor. Contract volume of one year is 157 000 EUR (2.5 MEEK). Pursuant to signed contract the first floor of project Boulevard Residence Madrid will be almost entirely leased.
70 % of residential premises in the project are booked. Building will be finished at the end of this year.
Billa is a supermarket chain founded in 1953. The company opened its first hypermarket in Bulgaria in 2000 and has since then expanded to cover 26 Bulgarian cities, operating a total of 42 hypermarkets.
Arco Vara is one of the leading real estate developer in the Baltic's, operating also in Ukraine and Bulgaria. Core business is real estate development supported by brokerage network, construction arm and property management. The company has offices in 18 cities and employs ca 260 people. Arco Vara is listed on Tallinn Stock Exchange.
1 EUR=15.6466 EEK