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Tuesday, 16.04.2024, 18:33
Arco Vara starts construction of EUR 10 mln apartment building in Tallinn
BC, Tallinn, 12.02.2016.
Print version
Print versionKodulahe OU, subsidiary of the listed Estonian real estate developer Arco Vara, has entered into a construction contract with Ramm Ehitus OU worth more than 10 million euros for the building of the first stage of an apartment building in a residential development project located in Tallinn's Haabersti borough, informs LETA/BNS.
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"With its Kodulahe project, Arco Vara is finally back on the Tallinn residential development market," Arco Vara management told the stock exchange.
Construction works will begin at the end of February and construction is planned to be finished in July 2017. The apartment building will have 125 apartments and five smaller commercial spaces.
At the beginning of February Arco Vara and Nordea Bank concluded a loan contract with a total loan limit of 9.35million euros for financing the construction of the apartment building.
Arco Vara acquired the Kodulahe project's property in June 2013. Detailed plan for building 330 apartments was adopted in September 2014.
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