Arco Investeeringute AS, a subsidiary, which is 100% owned by Arco Vara AS, sold its 100% participation in Alasniidu LA OÜ. Alasniidu LA OÜ owns a kindergarten in Harku rural municipality, Tiskre village, which will be rented by Harku rural municipality for the next 11 years to come.
100% participation in Alasniidu LA OÜ was acquired by VM Investments OÜ, which specialises in real estate investments.
The 1,680 square metre, 144 place kindergarten building for 6 groups was designed and built, in 12 months, by YIT Eesti; the architect of the building is Mr. Jüri Kliimask. The building was transferred to Harku rural municipality for utilisation on 1 June 2011.
The sales price of the share was 360,778 EUR. The sales of participation will result in decrease in long-term liabilities of the company by 1,041,937 EUR while balance sheet value will drop by 766,908 EUR. The transaction gives a 275,029 EUR net profit.
Arco Vara is a leading property development company in the Baltic areas, established in 1992. Main activity of the company is real estate development, supported by brokerage, valuation construction and facility management. Company is represented in 17 cities in Estonia, Latvia, Ukraine and Bulgaria.
Arco Vara AS
phone: +372 614 4630