Arco Vara sold its Bulgarian office building
03 Luglio 2023 - 9:00AM
Arco Vara sold its Bulgarian office building
Arco Invest EOOD, subsidiary of Arco Vara AS, has concluded the
final sale agreement for the sale of the commercial building Madrid
BLVD in the capital of Bulgaria. The transaction cost 9.1 million
euros - after fulfilling the obligations, Arco Vara received 4
million euros, which will be directed to the next stages of
Kodulahe and the development of the planned Arcojärvi residential
area by Lake Harku.
Madrid BLVD, a commercial and residential building developed by
Arco Vara, was completed in 2010. The building, with two
underground and nine above-ground storeys, includes a parking
house, apartments, shopping centre and offices. All apartments in
the building are sold, but Arco Vara was still involved in the
lease of commercial and office premises, amounting to nearly 7,500
m2 in total.
CEO of Arco Vara Miko Niinemäe comments: “Arco Vara's strategy
for the next few years envisages the development of high-quality
residential real estate. Dealing with commercial premises requires
a separate team, and operating only one building makes the overall
cost rather high. The transaction shows that we continue to focus
on building 200 homes every year.”
Three companies were founded to finalise the sale: Office
Cherkovna EOOD, Oborishte Premium Apartments EOOD and Trade Center
Cherkovna EOOD. The new companies remained in 100% ownership of the
Arco Vara group until the sale was finalised.
Tiina MalmCFOArco Vara ASTel: +372 614
4630tiina.malm@arcovara.com
Grafico Azioni Arco Vara As (LSE:0GZL)
Storico
Da Apr 2024 a Mag 2024
Grafico Azioni Arco Vara As (LSE:0GZL)
Storico
Da Mag 2023 a Mag 2024