On 1 November, 2018, Arco Vara AS informed about the conclusion of agreements
for separating from Arco Vara group its two 100% subsidiaries, Arco Vara
Kinnisvarabüroo and Arco Imoti EOOD. As of disclosing the current announcement,
the transactions have been completed: Arco Vara Kinnisvarabüroo AS and Arco
Imoti EOOD are no longer part of Arco Vara group and as of 1 January, 2019,
license agreements have entered into force, according to which the former
subsidiaries have a right to provide real estate brokerage and evaluation
services under Arco Vara trademark.
Arco Vara Kinnisvarabüroo AS was acquired in equal parts by St Elmar Invest OÜ
and OÜ River Kinnisvara. St Elmar Invest OÜ is controlled by Elari Tamm who has
been the member of Arco Vara Kinnisvarabüroo AS from the beginning of January
2018. Arco Imoti EOOD was acquired fully by Evgeni Plamenov Vasilev who has been
a long term manager of Arco Imoti EOOD.
The total consideration from selling the shareholdings in the aforementioned
subsidiaries was 300,000 EUR and has already been paid. Under the license
agreements, Arco Vara AS will be receiving turnover-based license fee.
According to 2017 audited results, the sold subsidiaries made up 2,3M EUR of the
group's turnover (12,5%, out of which Estonian real estate agency 8,8% and
Bulgarian real estate agency 3,7%). During last periods both subsidiaries have
been operating close to zero results, therefore their separation from the group
will not have significant effect on the group's profit, assets and obligations.
Evelin Kanter
CLO
Arco Vara AS
Tel: +372 614 4594
evelin.kanter@arcovara.ee (mailto:evelin.kanter@arcovara.ee)
http://www.arcorealestate.com
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