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Information regarding an alienation of Arco Investeeringute AS (100% Arco Vara AS daughter company) daughter company shares in Wilson Kinnisvara OÜ in November 2010 did not qualify as publishable information according to the Company.  Management of the Company has decided to further clarify the transaction as information regarding it circulating in media since 31.03.2011 is misleading.

Total value of the transaction was 23 Million EEK (1,4 Million EUR) consisting of share sale of 3,3 Million EEK (0,2 Million EUR) and alienation of loans of the Company towards Wilson Kinnisvara OÜ to the buyer in amount of 19,7 Million EEK (1,3 Million EUR).  The Company loans were alienated against cash payment.

Economic result of the transaction was a profit of 2,7 Million EEK (0,2 Million EUR).  The Company earned from realisation of 80 Paldiski Rd., main asset of Wilson Kinnisvara OÜ, through alienation of shares and owner loans a total of 23 Million EEK (1,5 MEUR).

Arco Vara is a leading property development company in the Baltic areas, established in 1992.  Main activity of the company is real estate development, supported by brokerage, valuation construction and facility management.  Company is represented in 17 cities in Estonia, Latvia, Ukraine and Bulgaria.

Lembit Tampre
Member of the Management Board
Arco Vara AS
Tel: +372 614 4630            
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http://www.arcorealestate.com