Acquisition of new land plots in Sofia Arco Vara
Post# of 301275
Arco Vara AS signed an agreement to acquire 100% of the shares of 2 Bulgarian companies which own a total of 8 land plots near Lozen village on the outskirts of Sofia intended for a residential development project with adjacent commercial premises like supermarket, kindergarten, sports facilities, aparthotel, and restaurant. Total area of the land plots is 122 100 m 2 (12.2 ha) and the transaction will be finalized in 2 stages: stage 1 (3 land plots) during January 2018 and stage 2 (5 land plots) during December 2020.
The Group plans to develop a high-class residential development with 3-storey apartment blocks, row houses and private houses.
Project TBA will be ca 70,000 m 2 and will be developed in 2 or 3 stages depending on market conditions. Total investment is expected to reach EUR 62 million. Stage 1 will commence already in 2018, and full project completion is expected around 2024.
Evelin Kanter Head of Legal Department Arco Vara AS Tel: +372 614 4594 evelin.kanter@arcovara.ee http://www.arcorealestate.com
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