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Arco Investeeringute AS (wholly-held subsidiary of Arco Vara AS) has divested its 100% stake in the subsidiary OÜ Pärnu Turg to Bellvory Turg OÜ.

In line with the agreement, the parties do not disclose the transaction price.

Based on a reassessment of assets conducted on 10 January 2013, the fair value of the investment property held by OÜ Pärnu Turg was written up in the statement of financial position as at 31 December 2012. Despite the increase in fair value and the transaction costs, the group earned a profit on the sale of the entity.

The group’s transaction gain amounted to 87 thousand euros and its assets decreased by 2,067 thousand euros and loans and borrowings decreased by 772 thousand euros. As a result of the transaction, the group’s annual revenue will decrease by at least 300 thousand euros.

Part of the free cash flow from the transaction will be used to strengthen the group’s financial position but most of it will be invested in further development operations.

OÜ Pärnu Turg owns the largest and oldest market in the town of Pärnu. The market, which covers an area of around 7,700 square metres, consists of a market building completed in 2003 and an open air market with covered stalls. The company is involved in renting out its premises to vendors, organising the operation of the market and managing the building and outdoor area. 

The sole shareholder of Bellvory Turg OÜ is Bellvory Management OÜ, which is owned by Olga Dubovitskaya.

 

Egert Paulberg
Financial Controller
Arco Vara AS
Tel: +372 614 4503
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http://www.arcorealestate.com