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Arco Investeeringud AS, a 100% associate of Arco Vara, transferred its Tivoli development project properties to its subsidiary Tivoli Arendus OÜ. This transaction was followed by the transfer of the 50% holding of Tivoli Arendus OÜ to International Invest Project OÜ. As the property and the holding were sold at their balance cost, they will not have a significant influence to the balance sheet and the income statement of the group. As a result of the transactions, Arco Investeeringute AS redeemed to SEB Pank all the loan in the amount of 5,432,490 EUR that was raised for acquisition of the land for the Tivoli project.
80% of shares in International Invest Project OÜ belong to Natalia Levina, citizen of Russian Federation.
By attracting a partner to the Tivoli Arenduse OÜ, the group will receive additional funds in an amount of 6 million EUR for financing the construction, which makes it possible to proceed with development of the Tivoli project and start with a new residential area construction already in autumn 2011.  In an architectural contest held in 2010, Brunow Maunula Architects from Finland became the winner. In the first stage, up to 170 apartments will be built and the first apartments are expected to be finished in Q3 2012.
Established in 1992, Arco Vara is one of the leading real estate development companies in the Baltic countries. The main activity of the company is real estate development, supported by appraisal, construction and real estate administration.
The company has offices in 17 cities in Estonia, Latvia, Ukraine and Bulgaria.
Lembit Tampere
Member of the Management Board
Arco Vara AS
Tel.: +372 614 4630            
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http://www.arcorealestate.com