Arco Vara AS logo

ARC1T - Arco Vara AS News Story

€1.6 -0.0  -0.6%

Last Trade - 16/04/21

Sector
Financials
Size
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
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20201209:nGNE7yz9br&default-theme=true




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
euros.

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
 CFO
 Arco Vara AS
 Tel: +372 614 4630
tiina.malm@arcovara.com
© Stockopedia 2021, Refinitiv, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.