22.05.2012: Arco Vara’s joint venture signs a 13 million euro contract for the construction of the Tivoli development project

Arco Vara 

22.05.2012 08:32
---------------------------------------------------------------------------

Arco Investeeringute AS's (a wholly-held subsidiary of Arco Vara AS) joint
venture Tivoli Arendus OÜ and Nordecon AS have signed a contract on the design
and build of apartment buildings and associated outdoor facilities. Altogether,
five five-floor residential buildings with 146 apartments will be designed and
built in the centre of Tallinn, on a plot between Kiikri and Tuukri streets.
The gross enclosed area of the apartment buildings is almost 15,000 square
metres. 

The contractual cost of the works is approximately 13.0 million euros plus VAT.
Design work will commence in the summer of 2012 and construction work in the
autumn of the same year. Design and construction works will last for 22 months. 

Tivoli Arendus OÜ belongs, in equal proportions, to Arco Investeeringute AS and
International Invest Project OÜ. Over 80% of the shares in International Invest
Project OÜ are held by Natalia Levina, a citizen of the Russian Federation. 

Established in 1992, Arco Vara is one of the leading real estate companies in
the Baltic countries. The company's main activity is real estate development,
which is supported by brokerage, valuation, construction and property
management. The company has offices in 17 cities in Estonia, Latvia, Ukraine
and Bulgaria. 

Egert Paulberg
Financial Controller
Tel: +372 614 4503
egert.paulberg@arcovara.ee
http://www.arcorealestate.com
News Source: NASDAQ OMX



22.05.2012 Dissemination of a Corporate News, transmitted by DGAP - 
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.

DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de

---------------------------------------------------------------------------
 
Language:     English
Company:      Arco Vara
              
               
              Estonia
Phone:        
Fax:          
E-mail:       
Internet:     
ISIN:         EE3100034653
WKN:          
 
End of Announcement                             DGAP News-Service
 
---------------------------------------------------------------------------