Acquisition of new land plots in Sofia
Arco Vara AS signed an agreement to acquire 100% of the shares of 2 Bulgarian companies which own a total of 8 land plots near Lozen village on the outskirts of Sofia intended for a residential development project with adjacent commercial premises like supermarket, kindergarten, sports facilities, aparthotel, and restaurant. Total area of the land plots is 122 100 m2 (12.2 ha) and the transaction will be finalized in 2 stages: stage 1 (3 land plots) during January 2018 and stage 2 (5 land plots) during December 2020.
The Group plans to develop a high-class residential development with 3-storey apartment blocks, row houses and private houses.
Project TBA will be ca 70,000 m2 and will be developed in 2 or 3 stages depending on market conditions. Total investment is expected to reach EUR 62 million. Stage 1 will commence already in 2018, and full project completion is expected around 2024.
Evelin Kanter
Head of Legal Department
Arco Vara AS
Tel: +372 614 4594
evelin.kanter@arcovara.ee
http://www.arcorealestate.com
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