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 corporate action
Unique data record identifier
8466
Submission date and time
18.12.2020 15:39:39
Content of announcement in Estonian
Title
Arco Vara AS loobus arendusprojekti ostuoptsioonist Sofias
Message
Arco Vara AS sõlmis 2017. aasta novembris lepingu arendusprojekti omandamiseks Sofia äärelinnas, Lozeni küla lähistel. Kinnistute omandamise tehingu esimene etapp, kogupindalaga 5,3 ha, viidi lõpule 2018. aasta jaanuaris. Teise etapi, kogupindalaga 6,8 ha, lõpule viimine pidi toimuma 2020. aasta detsembris. Seoses esimese arendusetapi külmutamise ja tervishoiu kriisiga otsustas Arco Vara AS loobuda maapanga suurendamisest Bulgaarias. Tehingust loobumisel tasus Arco Vara AS kokkuleppel müüjaga 250 000 eurot lepingust taganemise tasu. Kinnistu müüjal ei ole lisanõudeid Arco Vara AS-i vastu. ?Peame tarvilikuks Arco Vara arendusmahtude kasvu Bulgaarias kasvatada pikaajaliselt ja lineaarselt. Käesoleva tehingu lõpule viimine tänase maailma situatsioonis oleks tähendanud eksponentsiaalset kasvu Bulgaaria turul ja grupi märgatavat äririski tõusu Iztoki projektiga toimunu valguses. Tehingust loobumisel jääb Arco Vara omakapitali jaotus ligikaudu 50/50 Eesti ja Bulgaaria vahel". Miko-Ove Niinemäe Juhataja Arco Vara AS Tel: +372 614 4630 [email protected] (mailto:[email protected])
Content of announcement in English
Title
Arco Vara AS waived the option to purchase a development project in Sofia
Message
In November 2017, Arco Vara AS entered into an agreement for the acquisition of a development project in the suburbs of Sofia, near the village of Lozen. The first stage of the real estate acquisition transaction, with a total area of 5.3 ha, was completed in January 2018. The second stage, with a total area of 6.8 ha, was to be completed in December 2020. Due to the freezing of the first development stage and the health care crisis, Arco Vara AS decided not to increase the land bank in Bulgaria. Upon cancellation of the transaction, Arco Vara AS paid a withdrawal fee of 250,000 euros in agreement with the seller. The seller of the property has no additional claims against Arco Vara AS. "We consider it necessary to increase the growth of Arco Vara's development volumes in Bulgaria in the long term and in a linear manner. Completing this transaction in today's world would have meant an exponential growth in the Bulgarian market and a significant increase in the group's business risk in the light of what happened to the Iztok project. Upon abandonment of the transaction, the distribution of Arco Vara's equity will remain approximately 50/50 between Estonia and Bulgaria". Miko-Ove Niinemäe CEO Arco Vara AS Tel: +372 614 4630 [email protected] (mailto:[email protected])