Arco Invest, a subsidiary of Latvian Arco Investeeringute AS, signed a 14 million euro lending contract with Piraeus Bank Bulgaria for their multi-functional residential-and-office project in Sofia’s Manastirski livadi neighbourhood.

Arco Invest, a subsidiary of Latvian Arco Investeeringute AS, signed a 14 million euro lending contract with Piraeus Bank Bulgaria for their multi-functional residential-and-office project in Sofia’s Manastirski livadi neighbourhood.

The complex will cover a 8 990 sq m plot, located two kilometres from the city centre. The gross actual area is calculated at 34 700 sq m.

Loan’s repayment term is set at four years with a two-year grace period and the interest rate equals the three-months EURIBOR plus a mark-up, varying between 2.25 and 2.75 per cent, depending on apartment sales.

Construction is scheduled for completion within three years.