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

2009


On 26th February 2008 Arco Investeeringute AS, Sigma Real Estate Ltd. and AS Ühendatud Kapital signed a Letter of Intent (“LOI”) in order to set the main
principles and conditions for the acquisition of 50% stake in Cypros holding company that should manage and develop shopping centre projects in Ukraine.
According to LOI Arco made capital payments in value of  mln (124.5 mln kroons; 8.0 mln euros) that Arco has the right to get back. The proceeds are
guaranteed by AS Ühendatud Kapital, an Estonian entity. Taking into account that AS Ühendatud Kapital doesn't agree to Arco's compromise to sign additional
collateral and longer payment schedule, Arco's management has decided to execute AS Ühendatud Kapital guarantee. 

On 19.02.2009 Arco Investeeringute AS filed and action to The Arbitration Court Of The Estonian Chamber Of Commerce And Industry to collect arrears from AS
Ühendatud Kapital in value approx mln (137  mln Estonina kroons; 8.7 mln Euro) and an application to secure an action. On 11.03.2009 The Board of The
Arbitration Court Of The Estonian Chamber Of Commerce And Industry forwarded the Arco´s application to secure an action with its decision from 06.03.2009 to
Harju Country Court and the Court with its ruling has fully satisfied an action.  

To secure an Arcos action the Harju Country Court made notation concerning prohibition of any shares and stocks of AS Ühendatud Kapital subsidiary
companies, seized debtors all pecuniary means in all banks of Estonia and put judicial mortgage on registered immovable property of debtor. 

Arco has discounted in its 2008 annual financials the receivable by 45%.

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=15,65 EEK
1 $=12.45 EEK

Arco Vara AS


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

Arco Vara


Arco Investeeringute AS, a subsidiary of Arco Vara AS, obtained building and navvyng permits for Merivälja2 development area to build roads, utility networks and communications. Arco Ehitus OÜ begun with the preparation of the construction site yesterday. The construction will continue until the end of September while roads, street lightning, water, sewerage, gas pipelines and telecommunication networks will be built in order to supply the living area. The total cost of the construction work is 16,2 mln kroons (1,0 mln euro). The investment is financed by Handelsbanken.

According to the head of Arco Vara's development division Mr.Veiko Taevere the area of Merivälja2 is highly valued living environment because of the greenery and location near the seaside. Merivälja2 is the place where you want to build
your home for decades. "Our clients have been waiting for the start of construction. Merivälja living area will be completed living district with new roads, plots and nearby located school and kindergarten" he commented. In last stage of the Merivälja2 development Arco Investeeringute AS has 56 plots for sale with the total area of 6,8 ha. The average size of the plot is 1200 m2.
Before the beginning of the construction 5 plots have been sold and 3 plots are booked. For more detailed information: http://www.merivalja.ee

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

Arco Vara


Arco Investeeringute AS, a 100% subsidiary of Arco Vara AS, merged with its 100% subsidiary Arco Vara Kinnistute AS. As a result of the merger Arco Vara Kinnistute AS was dissolved, while Arco Investeeringute AS became its legal successor.
 
Such structural streamlining does not have any significant impact on the activities of the Arco Vara AS Group or Arco Investeeringute AS.

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 250 people. Arco Vara AS is listed on Tallinn Stock Exchange.

Arco Vara AS

 


The council of Arco Vara AS approved on 21 April 2009 the annual report and profit allocation proposal for the year 2008 of Arco Vara AS. The council decided to present the annual report and profit allocation proposal as prepared by the management for the approval of the general meeting of shareholders.

The audited annual report for 2008 is made available on NASDAQ OMX Tallinn Stock Exchange's and issuer's web page http://www.arcorealestate.com/. The report can also be read in issuer's location on Jõe 2B, Tallinn.

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 250 people. Arco Vara AS is listed on Tallinn Stock Exchange.

Arco Vara AS

 

Annual Report 2008


Dear Shareholder of Arco Vara AS,

Arco Vara AS (registry code 10261718; located at Tallinn, Jõe 2B) shareholders ordinary general meeting will take place on May 22nd 2009 at 9:00AM in Tallinn, Viru Väljak 3, at the Nordic Hotel Forum room Vega.

The agenda of the general meeting:

1. Approval of the year 2008 annual report
The Council of Arco Vara proposes the annual report for 2008 be approved.

2. Profit allocation

2.1 The Council of Arco Vara proposes covering the loss as of 31.12.2009 in the amount of
EUR 62 931 755 (EEK 984668000) as follows:
a) From the account of issue premium in the amount of EUR 45537944 (EEK 712514000);
b) Rest of the loss in the amount of 17393811 (EEK 272154000) will be covered from the future profits.

3. Appointment of auditor
3.1 The Council of Arco Vara proposes the shareholders appoint the auditor for one year (until the next ordinary shareholders general meeting) and appoint Ernst & Young Baltics AS as such auditor.
3.2. The Council of Arco Vara proposes the auditor be paid for auditing the 2008 annual report according to an agreement to be signed between the company and Ernst & Young Baltics AS.

Materials of shareholders ordinary meeting of Arco Vara AS are available through internet website of Arco Vara http://www.arcorealestate.com/en/investor-info or at the office of Arco Vara AS in Tallinn, at Jõe street 2B, on workdays from 9:00AM till 5:00PM.

Questions about the items on the agenda can be sent by e-mail to This email address is being protected from spambots. You need JavaScript enabled to view it.. All questions and answers will be made public on the Internet website of Arco Vara AS.

The list of shareholders entitled to participate at the annual general meeting shall be determined at 11:59PM on day immediately prior to the meeting.

Registering to participate in the meeting will convene at 8:30AM on May 22nd 2009.

To register, we kindly ask shareholders to present an ID document and the representative of the shareholder additionally to present also a signed Power of Attorney or documents validating representation.

Kind regards,
Management Board of Arco Vara AS