Estonia, EU – Baltic States, Investments, Real Estate

International Internet Magazine. Baltic States news & analytics Thursday, 18.10.2018, 23:49

Arco planning EUR 62 mln property development in Bulgaria

BC, Tallinn, 27.11.2017.Print version
The listed Estonian real estate developer Arco Vara AS is planning to start a development project costing up to 62 million euros in the Bulgarian capital Sofia and has concluded agreements on the acquisition of land plots for the project, informs LETA/BNS.

Arco Vara has signed an agreement to acquire 100% of the shares in two Bulgarian companies which together own eight land plots near the village of Lozen on the outskirts of Sofia. The plots are meant for a residential development project with adjacent commercial premises like a supermarket, a kindergarten, sports facilities, an aparthotel, and a restaurant, Arco told the stock exchange.

Arco Vara plans to develop a high-class residential development with three-story apartment blocks, terraced houses and private houses on the plots.

The total area of the land plots is 122,100 square meters and the transaction will be finalized in two stages, with stage one, consisting of three land plots, to be finalized in January 2018 and stage two, consisting of five land plots, in December 2020.

The project's total built-up area (TBA) will be approximately 70,000 square meters and it will be developed in two or three stages depending on market conditions. Total investment is expected to reach 62 million euros.

Work on stage one will begin already in 2018, and full project completion is expected around 2024.

Arco Vara earned a profit of 700,000 euros on sales of 7.7 million euros in the third quarter of 2017.

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