Arco Investeeringute AS’s (a wholly-held subsidiary of Arco Vara AS) joint venture Tivoli Arendus OÜ and Nordecon AS have signed a contract on the design and build of apartment buildings and associated outdoor facilities. Altogether, five five-floor residential buildings with 146 apartments will be designed and built in the centre of Tallinn, on a plot between Kiikri and Tuukri streets. The gross enclosed area of the apartment buildings is almost 15,000 square metres.
The contractual cost of the works is approximately 13.0 million euros plus VAT. Design work will commence in the summer of 2012 and construction work in the autumn of the same year. Design and construction works will last for 22 months.
Tivoli Arendus OÜ belongs, in equal proportions, to Arco Investeeringute AS and International Invest Project OÜ. Over 80% of the shares in International Invest Project OÜ are held by Natalia Levina, a citizen of the Russian Federation.
Established in 1992, Arco Vara is one of the leading real estate companies in the Baltic countries. The company’s main activity is real estate development, which is supported by brokerage, valuation, construction and property management. The company has offices in 17 cities in Estonia, Latvia, Ukraine and Bulgaria.
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