Published: 2020-12-09 14:54:13 CET
Arco Vara
Corporate Action

Permit of use granted to the development of Arco Vara in Bulgaria


After several bureaucratic obstacles, the Iztok Parkside building was granted a permit of use. In Bulgaria, a permit of use is a prerequisite for formalising the final sales of dwellings. In this week, an active transfer of apartments and entering into real right contracts will begin.

Iztok Parkside includes 67 apartments, 8 apartments of which have not been currently presold. The total expected revenue of the project is 10 million euros.

The CEO of Arco Vara commented, “We thank our clients for the patience for waiting almost a year longer than initially planned and not backing down from the purchase wish. We can also claim that the change of management in Bulgaria is bringing results. Due to COVID-19 and the time limited by the coming holidays, a large part of the revenue will, however, be received in 2021, but the obstacles in realising the sales revenue have been surmounted.”


Tiina Malm
CFO
Arco Vara AS
Tel: +372 614 4630
tiina.malm@arcovara.com