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ARC1T - Arco Vara AS News Story

€1.6 -0.0  -0.6%

Last Trade - 16/04/21

Micro Cap
Market Cap £12.5m
Enterprise Value £19.8m
Revenue £12.2m
Position in Universe 504th / 795

Permit of use granted to the development of Arco Vara in Bulgaria

Wed 9th December, 2020 1:54pm
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After several bureaucratic obstacles, the Iztok Parkside building was granted
a permit of use. In Bulgaria, a permit of use is a prerequisite for
formalising the final sales of dwellings. In this week, an active transfer of
apartments and entering into real right contracts will begin.

Iztok Parkside includes 67 apartments, 8 apartments of which have not been
currently presold. The total expected revenue of the project is 10 million

The CEO of Arco Vara commented, “We thank our clients for the patience for
waiting almost a year longer than initially planned and not backing down from
the purchase wish. We can also claim that the change of management in Bulgaria
is bringing results. Due to COVID-19 and the time limited by the coming
holidays, a large part of the revenue will, however, be received in 2021, but
the obstacles in realising the sales revenue have been surmounted.”

Tiina Malm
 Arco Vara AS
 Tel: +372 614 4630
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