Arco Invest Ltd, the Bulgarian subsidiary of Tallinn Stock Exchange-listed Arco Vara, concluded a 3.1 million euro contract with the construction company Glavbolgarstroy-Sofia Jsc for the construction of the second stage of the Madrid project, which includes the building’s interior.
Arco Invest acquired the Madrid project with all required permits on August 2 2007 and declared its intention to invest 20 million euro in a mixed residential-commercial complex with a total built-up area of 24 700 sq m. Completion is due in the autumn of 2009.
This is the second contract that Arco Invest and Glavbolgarstyroy have signed on the Madrid project. The first 5.3 million euro agreement included carrying out initial construction of the building.
Arco Vara is a leading real estate developer in the Baltic region, undergoing a CEE (Central and East Europe) expansion. The company owns projects in Bulgaria, Ukraine and Romania.
The company’s consolidated revenues for the first nine months of 2007 stand at 44 million euro and its net profit amounts to 17 million euro.
