Arco Invest EOOD, a 100% subsidiary of Arco Vara Group, refinanced under
favourable conditions for the Group the loan taken for the development of the
Madrid project in Sofia. As a result of that loan amount enlarged from
242.5 mil
kroons 258.1 mil kroons (from 15.5 mil euros - to 16.5 mil euros),
base rate is
3-month EURIBOR and the annual margin 6.5%.
As a result of refinancing, the repayment term was extended
for 3 years from
2012 to 2015 and the loan amount increased by 15.6
million kroons (1 mil euros).
According to the refinancing agreement between
Piraeus Bank Bulgaria and Arco
Group, the repayment of the principal starts
in July 2010 and ends in June 2015.
Extension of the repayment term is a proof
of Arco Vara credibility among
foreign major banks. Thanks to
refinancing, the financial risks of the group
have considerably decreased.
The Madrid's residential
and business building development project located in
the city centre of
Sofia and will be finished on first half of this year.
Detailed
information about project: www.arcorealestate.com/?content=488
Arco
Vara is a leading real estate developer in the Baltic's, established in
1992. The operations involve real estate development, brokerage, valuation,
construction and property maintenance arm. The company is located in 17
cities
in Estonia, Latvia, Ukraine and Bulgaria and employs ca 170 people.
Arco Vara AS is listed on Tallinn Stock Exchange
1 EUR = 15.6466 EEK
Lembit Tampere
CEO
Arco Vara AS
phone: +372 614
4630
info@arcovara.ee
www.arcorealestate.com
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