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Thursday, 25.04.2024, 22:58
Estonia's Arco Vara acquires two land plots in Bulgaria
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"By acquiring 100 percent of the shares of Sofia Parkside EOOD we made an important step towards our growth. The apartments that will be built on the acquired land plots are well located, nearby metro connection, and half of the development is bordered by a park. Last 10 months we have been developing without substantially investing equity capital," CEO of Arco Vara Tarmo Sild told the stock exchange.
"In the second quarter we will finish the detail plan. In the third quarter we will finish the design and obtain the building permit. Construction works and presale will begin in the fourth quarter," Sild added.
"The project consists of three apartment buildings with the total area of 7,700 square meters and expected revenue is over 7 million euros. The prognosis is conservative as were our current prognoses in Manastriski Livadi project. I actually expect more," Sild said.
Sild told BNS on Thursday morning that the price of the transaction cannot be disclosed due to an agreement with the seller.
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