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On 23.11.2011, the Bulgarian subsidiary Arco Invest EOOD of Arco Investeeringute AS (subsidiary of Arco Vara AS 100%) and Cleves EOOD signed an instrument of delivery and receipt concerning delivery of 21 apartments and 13 parking places of Boulevard Residence. The value of the completed transaction was 4.3 mln euros.

It was the first stage of the transaction consisting of two parts. In addition to the abovementioned transaction, Cleves EOOD undertook to buy by the end of 2012 another 16 apartments and 18 parking places at a price of 2.8 mln euros. All the abovementioned sums contain 20% VAT enforceable in Bulgaria.

In December, 2012, Cleves EOOD announced that due to the prevailing market and banking conditions in Bulgaria they decided not to proceed with the purchase and in accordance with the mutual agreement between the parties, Arco Invest EOOD was paid 235 469 euros on 20.12.2012. The parties do not have any claims against each other and are open to co-operation in the future.

Boulevard Residence is located in the centre of Sofia, in Madrid Boulevard. There are 87 apartments and an underground car park for 164 cars in the building with a total area of 25 000 m2. In addition to that, there are commercial premises and modern office premises on the first three floors of the building.

The residential and business building development project “Madrid“ in the city centre of Sofia was completed in June, 2010. At the moment, sale of vacant apartments and letting of rental premises is going on in the business and residential building. Additional information:
Egert Paulberg
Financial controller
Arco Vara AS
Phone: +372 614 4503
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