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Arco Invest EOOD, subsidiary of Arco Vara AS, has concluded a preliminary contract on the market of the business building Madrid BLVD within the capital of Bulgaria. The transaction prices 9.1 million euros and the ultimate gross sales doc will likely be signed inside 6 months.
Madrid BLVD, a business and residential building developed by Arco Vara, was accomplished in 2010. The building, with two underground and 9 above-ground storeys, features a parking home, flats, purchasing centre and places of work. All flats within the building are bought, however Arco Vara was nonetheless concerned within the lease of business and office premises, amounting to almost 7,500 m2 in whole.
CEO of Arco Vara Miko Niinemäe feedback: “We cannot rule out anything in the distant future, but Arco Vara does not intend to get involved in commercial real estate before 2026. As in Estonia, we will also focus solely on building homes in Bulgaria. Profits from transactions are to be invested in new plots for residential development.”
Three firms have been based to finalise the sale: Office Cherkovna EOOD, Oborishte Premium Apartments EOOD and Trade Center Cherkovna EOOD. The new firms are to stay in 100% possession of the Arco Vara group till the sale is finalised.
Tiina Malm
CFO
Arco Vara AS
Tel: +372 614 4630
[email protected]
