News

02.03.2010: Arco Vara and Merko Ehitus executed a contracting and financing contract

On 1 March 2010 AS Kolde, a 100% subsidiary of the Arco Vara AS Group, and AS Merko Ehitus concluded a contracting contract for building and financing of the construction of 4 apartment buildings of the next stage of Arco Vara's Kodukolde property development project.

The estimated aggregate value of the contract is 80 million kroons (5.2 million euros), and the contract is financed by AS Merko Ehitus thorough providing a credit limit of up to 40 million kroons (2.6 million euros). The maturity date
of the loan for financing the construction is February 2013.

The residential complex consists of 96 apartments with the closed net area of 6370 m2, and of thirty-two underground garage units. Construction work will start within three months from the signing of the contract and will last for up
to 20 months. According to the contracting contract the first two buildings will be completed in the spring of 2011.

Additional information:
http://www.kodukolde.ee
http://www.arcorealestate.com

Founded in 1992 Arco Vara is one of the leading property developers in the Baltic States. The main business of the company is property development, which is supported by the group's own property brokering, valuation, construction and
property management units. The company has representative offices in 17 towns across Estonia, Latvia, Ukraine and Bulgaria. The Group has a staff of ca 170.

1 EUR=15.6466 EEK

Lembit Tampere
Member of the management board
Arco Vara AS
Tel: +372 614 4630
info@arcovara.ee
http://www.arcorealestate.com