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Arco Investeeringute AS, 100% a subsidiary of Arco Vara AS, has signed a framework agreement with Haddox Enterprises Ltd for leading the real estate development project in the area of Chornaja Rechka in the western part of the town of Sertolovo in the Vsevalotchny district near Saint Petersburg in the Russian Federation.
 
The initial decision is to create 250-300 single-family estates and 10 terraced houses with the total of approximately 150 apartments, as well as a commercial centre with the total area of 3500m2, and a kindergarten. The planned duration of the project is 48 months. The project is funded by Haddox Enterprises Ltd.
 
Arco Investeeringute AS will be responsible for carrying out the planning of the development project, managing of the construction project, managing facility management and sales process.
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 Tampere
CEO
Arco Vara AS
phone: +372 614 4630
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http://www.arcorealestate.com