Arco Vara is selling its Bulgarian office building
Arco Invest EOOD, subsidiary of Arco Vara AS, has concluded a preliminary contract for sale of the commercial building Madrid BLVD in the capital of Bulgaria. The transaction costs 9.1 million euros and the final sales document will be signed within 6 months.
Madrid BLVD, a commercial and residential building developed by Arco Vara, was completed in 2010. The building, with two underground and nine above-ground storeys, includes a parking house, apartments, shopping centre and offices. All apartments in the building are sold, but Arco Vara was still involved in the lease of commercial and office premises, amounting to nearly 7,500 m2 in total.
CEO of Arco Vara Miko Niinemäe comments: “We cannot rule out anything in the distant future, but Arco Vara does not intend to get involved in commercial real estate before 2026. As in Estonia, we will also focus solely on building homes in Bulgaria. Profits from transactions are to be invested in new plots for residential development.”
Three companies were founded to finalise the sale: Office Cherkovna EOOD, Oborishte Premium Apartments EOOD and Trade Center Cherkovna EOOD. The new companies are to remain in 100% ownership of the Arco Vara group until the sale is finalised.
Arco Vara AS
Tel: +372 614 4630