Arco Vara AS sold its real estate investment fund in Bulgaria
On 27 February 2018, Arco Vara AS sold its 100% holding in real estate investment fund Arco Real Estate Fund REIT (hereinafter Arco REIT). Arco REIT is Arco Vara AS’ 100% subsidiary and listed on Sofia Stock Exchange. Arco REIT was established in 2015 with the purpose to raise capital for Arco Vara group’s Bulgarian developments. As the group succeeded to raise money for Bulgarian developments through Arco Vara AS’ share issue in January 2018 and there was no clear purpose for Arco REIT in foreseeable future, the management decided to sell the subsidiary. The holding was sold with a small profit for 333 thousand euros. The transaction does not have a significant effect on Arco Vara AS' operations and financial indicators.
Evelin Kanter
Head of Legal Department
Arco Vara AS
Tel: +372 614 4594
evelin.kanter@arcovara.ee
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