On 4 February 2013, Arco Vara announced to the stock exchange that in order to recover a loan Danske Bank A/S had initiated enforcement proceedings against Arco HCE OÜ, which is a 50% joint venture of Arco Investeeringute AS that is a wholly-held subsidiary of Arco Vara AS. The object of the proceedings was to exercise a mortgage created for the benefit of Danske Bank on a property located at Ahtri 3 in Tallinn.
On 20 February 2013, the court satisfied Arco HCE OÜ’s application for securing the action and suspended the enforcement proceedings against the company.
The shares in Arco HCE are held, in equal proportions, by Arco Investeeringute AS and U.S. Real Estate Management OÜ.
Arco Vara AS
Tel: +372 614 4503