Arco Vara
01.08.2011: Subsidiary of Arco Vara will lead the residential real estate project in the Leningrad region
Arco Vara 01.08.2011 08:02 --------------------------------------------------------------------------- Arco Investeeringute AS, 100% a subsidiary of Arco Vara AS, has signed a framework agreement with Haddox Enterprises Ltd for leading the real estate development project in the area of Chornaja Rechka in the western part of the town of Sertolovo in the Vsevalotchny district near Saint Petersburg in the Russian Federation. The initial decision is to create 250-300 single-family estates and 10 terraced houses with the total of approximately 150 apartments, as well as a commercial centre with the total area of 3500m2, and a kindergarten. The planned duration of the project is 48 months. The project is funded by Haddox Enterprises Ltd. Arco Investeeringute AS will be responsible for carrying out the planning of the development project, managing of the construction project, managing facility management and sales process. Arco Vara is a leading property development company in the Baltic areas, established in 1992. Main activity of the company is real estate development, supported by brokerage, valuation construction and facility management. Company is represented in 17 cities in Estonia, Latvia, Ukraine and Bulgaria. Lembit Tampere CEO Arco Vara AS phone: +372 614 4630 lembit.tampere@arcovara.ee http://www.arcorealestate.com 01.08.2011 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: Arco Vara Estonia Phone: Fax: E-mail: Internet: ISIN: EE3100034653 WKN: End of Announcement DGAP News-Service ---------------------------------------------------------------------------
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