News

08.10.2009: Arco Vara subsidiary concluded a long-term lease agreement in Bulgaria

Arco Invest EOOD (100% Arco Vara development company in Bulgaria) concluded a 5-year lease agreement to lease out 4,700 m2 office space and 50 parking lots to a financial intermediary company in the Arco Vara Sofia project Boulevard
Residence Madrid starting from 1 August 2010. The square meter price per month is 172 kroons (11 euros); VAT, parking lot rental and all utility costs will be added to this price. The annual cost of the contract is 10.27 million kroons (656,398 euros).

The contract partner has no possibility to terminate the contract before 2.5 years, thereby the rent of three months shall be paid as rent penalty. The contract is confidential, therefore the name of the contract partner will not be published.

The property management service for the rental space will be provided by Arco Vara Bulgaaria Haldus.

As a result of conclusion of this agreement, 80% of office spaces in the Boulevard Residence Madrid project are covered with rental agreements. From living spaces, approximately 75% are sold. Visit the project page on the Arco
Vara investor relations site: http://www.arcorealestate.com/en/madrid

Arco Vara is a leading real estate developer in the Baltic's, established in 1992. The company operations involve real estate development, brokerage, valuation, construction and property maintenance arm. The company is located in
17 cities in Estonia, Latvia, Ukraine and Bulgaria and employs ca 250 people.
Arco Vara AS is listed on Tallinn Stock Exchange.

1 EUR=15.6466 EEK

Lembit Tampere
CEO
Arco Vara AS
phone: +372 614 4630
info@arcovara.ee
http://www.arcorealestate.com/