Kert Keskpaik appointed as Chairman of the Supervisory Board of Arco Vara

Arco Vara, the real-estate developer focused on integrated living environments and recent acquirer of the Luther Quarter in central Tallinn, has appointed long-standing Supervisory Board member and shareholder Kert Keskpaik as the new Chairman of the Supervisory Board

According to former Chairman Tarmo Sild, Arco Vara has evolved over the past 13 years from an outsider into one of Estonia’s leading real-estate players, building a strong team, product portfolio, customer base and capital. “The next step is to reach a higher level. Kert Keskpaik embodies our passion for sustainable, contemporary and desirable real estate. As a shareholder and board member for more than a decade, he also provides continuity at Arco Vara,” Sild said.

“As a lifelong endurance athlete, Kert represents consistency, discipline and the will to win – an ideal combination of qualities for creating new value for customers and shareholders at board level and supporting the team in reaching the next stage,” Sild added. Sild will remain involved with Arco Vara as a Supervisory Board member and as the representative of the major shareholder Alarmo Kapital.

Kert Keskpaik recalled that his first experience with real-estate development and sales dates back 20 years. “I have worked as a broker, renovated and sold apartments, and completed a few smaller development projects. I am very pleased that the board has made this decision and elected me as its new chairman,” Keskpaik said.

The new Chairman noted that Arco Vara AS has undergone significant changes over the past year. “My plan is to help the company grow and successfully execute both current and future development projects,” he added.

Arco Vara recently purchased the Luther Quarter in central Tallinn and will carry out the long-awaited redevelopment of the former industrial area. The quarter will be transformed into a modern, pedestrian-friendly urban space featuring homes, offices and leisure facilities. The total investment exceeds EUR 200 million.

This spring Arco Vara also announced a new development on Spordi Street in the Kristiine district, where two four-storey residential buildings with 56 apartments each are scheduled for completion by the end of next year. Last week the company received a building permit for the penultimate phase of its Kodulahe residential quarter near Stroomi Beach, and it is also advancing the Arcojärve project on the shore of Lake Harku in Estonia.