February 23, 2012: Arco Vara sells right of superficies on Kadaka tee 131, Tallinn
OÜ Kerberon, a subsidiary of Arco Investeeringute AS (100% subsidiary of Arco Vara AS) concluded a contract with AS Astro Holding for selling the right of superficies.
The sales price was 3.4 million euros, which was settled by the buyer at the time of the transaction. As a result of the transaction, the group incurred a loss of 695 thousand euros, the group’s assets decreased by 2,925 thousand euros and its liabilities decreased by 2,230 thousand euros. The transaction reduces the group’s annual revenue by approximately 500 thousand euros.
The purpose of the sale was to improve the group’s liquidity and to reduce its liabilities.
Kadaka tee 131, which is situated in Tallinn, includes a business and warehouse complex called Kerberon. The total area of the property is 24,176 m². Leasable area extends to 14,013 m² consisting of buildings of 8,350 m² and outdoor premises of 5,663 m².
Established in 1992, Arco Vara is one of the leading real estate development companies in the Baltic countries. The company’s main activity is real estate development, which is supported by brokerage, valuation, construction and property management.
The company has offices in 17 cities in Estonia, Latvia, Ukraine and Bulgaria.
Egert Paulberg
Financial controller
Arco Vara AS
Tel: +372 614 4503
egert.paulberg@arcovara.ee
http://www.arcorealestate.com
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