Market announcement
Arco Vara AS
LEI code
097900BHCB0000066171
Size of the entity
Small group
Economic activities
Professional, Scientific and Technical Activities
Country of registered office
Estonia
General information
Categories
Other price sensitive information
Unique data record identifier
3991
Submission date and time
12.04.2013 18:31:54
Content of announcement in Estonian
Title
Tivoli Arenduse kinnistud müüakse enampakkumisel
Message
11.04.2013 esitas Tivoli Arendus OÜ (Tivoli Arendus) võlausaldaja Kylemore International Invest Corp sissenõude ja käivitas täitemenetluse Tivoli Arendusele kuuluvate kinnistute müümiseks ning oma nõude rahuldamiseks. Täitemenetlusega ühineb ka Arco Vara kontsern oma laenunõudega summas ca 2,9 mln eurot. Võlausaldajad on leidnud omavahelise kompromissi. Arvestades Tivoli projekti pikka ja õiguslikult keerukat ajalugu, toimub müük avalikul enampakkumisel ja selle viib läbi kohtutäitur. See annab maksimaalse õiguskindluse nii ostuhuvilistele kui ka Tivoli Arendusele, Tivoli Arenduse osanikele ja võlausaldajatele. Täiendavat informatsiooni Tivoli kruntide müügi kohta leiab aadressilt: www.arcovara.ee/tivoli Tivoli Arendus on projektiettevõte, mis on loodud Tallinnas endise aadressiga Narva mnt 67 asuva 48 588 m2 suuruse maa-ala arendamiseks. Ettevõtte ainus oluline vara on eelpool nimetatud maa-alal asuvad kinnistud. Tivoli Arenduse osalus jaguneb võrdselt Arco Investeeringute AS-i ja International Invest Project OÜ vahel. Arco Vara juhataja Tarmo Silla kommentaar: „31.01.2013 toimunud veebipõhisel seminaril andsime teada, et kontsernil on 3 olulist lahendamist vajavat probleemi. Mul on hea meel teavitada, et tänaseks oleme stabiliseerinud olukorra Bulgaarias (vt.ka börsiteadet http://bit.ly/10UwSKP) ning käesolevaks hetkeks on stabiliseerumas olukord Tivoli Arenduses. Samas jätkame aktiivset tööd kolmandale, Ahtri tn 3 kinnistuga seotud, probleemile lahenduse otsimisega. Partnerid on Tivoli projektis jõudnud üksmeelele, et projekti koos ellu viia ei õnnestu ning kinnistu tuleb realiseerida mõlemale poolele kasulikul viisil, kasutades selleks ära investorite kasvavat huvi kehtiva detailplaneeringu ja ehitusloaga ning parima asukohaga arenduskinnistute vastu. Müügi õnnestumisel paraneks ka kontserni varaline olukord. Arvestades Arco Vara laenu tagatiste nõrka positsiooni, partneri eelisjärjekorra hüpoteeki, pidi Arco Vara hindama nulli Tivoli Arendusele antud laenu (nominaalsummas 2,9 mln eurot). Lisaks pidime moodustama 1 miljoni euro suuruse eraldise partnerile antud Arco Vara käenduse katteks. Müük oleks samm selles suunas, et saaksime lähitulevikus eraldise bilansist kustutada ning lisaks, sõltuvalt enampakkumise õnnestumisest, saada osa oma nõudest Tivoli Arenduse vastu rahuldatud“. Egert Paulberg Finantskontroller Arco Vara AS Tel: +372 614 4503 [email protected]
Content of announcement in English
Title
The properties of Tivoli Arendus to be sold at auction
Message
On 11 April 2013, Kylemore International Invest Corp, a creditor of Tivoli Arendus OÜ (Tivoli Arendus), presented a claim for payment and initiated execution proceedings for satisfying its claim through sale of the properties belonging to Tivoli Arendus. Arco Vara group will join the execution proceedings, claiming recovery of a loan of approx. 2.9 million euros. The creditors have reached a mutual compromise. Because of the lengthy and legally complicated history of the Tivoli project, the properties will be sold at a public auction conducted by a bailiff. This will ensure maximum legal certainty to potential buyers as well as Tivoli Arendus and its owners and creditors. Further information on the sale of the Tivoli properties can be found at: www.arcovara.ee/tivoli Tivoli Arendus is a project company established for developing a plot of 48,588 square metres in the centre of Tallinn (former address: Narva mnt 67). The company’s only significant assets are the properties located on the above plot. The shareholders of Tivoli Arendus are, in equal proportions, Arco Investeeringute AS and International Invest Project OÜ. Commentary of Tarmo Sild, the CEO of Arco Vara AS: “At a webinar held on 31 January 2013, we informed the public that the group has three major problems that need to be resolved. I am pleased to report that to date we have stabilised the situation in Bulgaria (see also the stock exchange announcement at http://bit.ly/14hwr1M) and the situation at Tivoli Arendus is stabilising. However, we continue active efforts to find a solution for the third problem – the property at Ahtri 3. The partners of the Tivoli project have reached consensus in that they cannot carry out the project together and that the property should be realised in a manner that is beneficial for both parties, taking advantage of investors’ increasing interest in development properties that have an effective detailed design plan, a building permit and the best possible location. A successful sale would also improve the group’s financial position. Because of the weak position of the collateral of the loan provided by Arco Vara - the mortgage created for the benefit of the partner has a priority ranking, the loan to Tivoli Arendus (nominal amount 2.9 million euros) had to be written down in full. In addition, we had to recognise a provision of 1 million euros for covering the surety guarantee Arco Vara had provided to the partner. The sale would be a step in the direction that we could release the provision in the near term and, depending on the outcome of the auction, could also satisfy part of our claim.” Egert Paulberg Financial Controller Arco Vara AS Tel: +372 614 4503 [email protected]