- September 10, 2025 Subscription period begins
- September 19, 2025 Subscription period ends
- September 22, 2025 Announcement of results
- September 24, 2025 Settlement date
- September 25, 2025 Trading begins
- September 24, 2028 Maturity date
Arco Vara bonds
Arco Vara public bond offer took place from
10 September to 19 September 2025
Arco Vara public bond offer details
Security
EUR 8.80 ARCO VARA BOND 25–2028
ISIN
EE0000002244
Listing
Nasdaq Tallinn Stock Exchange Baltic Bond List
Total issue size
EUR 15,000,000
Issue price
EUR 100
Annual interest rate
8,8% per annum
Interest payments
Quarterly (24 September, 24 December, 24 March, 24 June)
Trading
25 September 2025
Maturity
24 September 2028
The public offering of Arco Vara bonds, listed for the first time on the Nasdaq Tallinn Stock Exchange Baltic Bond List, was held from 10 September to 19 September 2025. The results of the offering have been published in a stock exchange announcement.
In total, 3,392 investors participated in the public offering, subscribing for bonds in the amount of 21.9 million euros, representing an oversubscription of 2.2 times. As a result, Arco Vara increased the total issue volume to 150,000 bonds, or EUR 15 million. The bonds will be transferred to investors’ securities accounts on September 24, 2025, and trading on the Baltic Bond List of Nasdaq Tallinn Stock Exchange is anticipated to commence on September 25, 2025.
Public bond offer to finance the Luther Quarter development in central Tallinn
The purpose of the bond offer is to finance one of the largest and most ambitious development projects in the center of Tallinn – ransforming the Luther Quarter into a modern residential and commercial environment on a historic industrial site.
Bordered by Pärnu maantee, Tatari, Vana-Lõuna, and Vineeri streets, the Luther Quarter will combine residential units, office and retail spaces, and a food street. The area will also include a park. As part of the development, historic industrial buildings will be preserved and restored and integrated into the newly built urban environment.
Key facts about the Luther Quarter
454
residential units
18 500 m²
of commercial space
615
Underground parking spots
205
EUR million total investment
2026
Construction starts
Arco Tarc
Contractor
Offering schedule
About Arco Vara
Arco Vara is a real estate group established in Estonia in 1992. Since 2007, Arco Vara shares have been listed on the Nasdaq Tallinn Stock Exchange, offering investors the opportunity to participate in the company’s growth and developments. The Group’s development projects have focused primarily on the Estonian, Latvian, and Bulgarian markets.
Arco Vara develops residential environments, the most well-known of which are the Kodulahe Quarter in Tallinn, Botanica Lozen near the Bulgarian capital Sofia, and the Arcojärve residential area near Lake Harku. The Arco Vara Real Estate Agency operates in Estonia under a valid license, providing a wide range of brokerage and valuation services. Construction works are carried out by the Group’s subsidiary Arco Tarc OÜ, which operates as the general contractor and is certified in accordance with international quality standards.
Our mission is to create homes that last and meet the needs of families for generations. We are committed to well-planned developments, high construction quality, and delivering on our promises.
30+
YEARS OF EXPERIENCE
2800+
NEW HOMES
380 000+
m² DEVELOPED
79 000 000+
EUR TOTAL ASSETS
As of Q2 2025*
FAQ
What is a bond?
A bond is a security that allows an investor to lend money to an issuer under specific conditions. In return, the investor receives regular interest payments and, on maturity date, gets back the initial investment. The detailed terms and conditions of the public bond offering are available in the prospectus.
What is the nominal price?
The nominal, or par value, is the value assigned to a security when it is issued, i.e., the price of the bond. The nominal price of an Arco Vara bond is 100 euros.
How does an investor earn from bonds?
Income from bonds can be earned through interest payments and/or price changes in the bond’s value. Interest payments on Arco Vara bonds are made to investors four times a year.
Are bonds tradable?
Arco Vara bonds are listed on Nasdaq Tallinn stock exchange, allowing them to be bought and sold on the secondary market.
Why is Arco Vara issuing new bonds?
The purpose of the Arco Vara bond offering is to finance one of the largest and most ambitious development projects in the center of Tallinn – the transformation of the Luther Quarter into a modern residential and commercial environment on a historic industrial site.
How can I submit a subscription order for the bonds?
Arco Vara bonds can be subscribed through your custodian bank. Subscriptions can be made via all banks listed as Nasdaq account operators as well as via the Lightyear investment platform. To subscribe via online banking, you must have a securities account. Legal entities must have a valid LEI code to hold the bonds.
What are the minimum and maximum subscription amounts?
The nominal value of an Arco Vara bond is EUR 100, which also represents the minimum subscription amount. There is no maximum limit on the number of bonds that can be subscribed.
When must the funds required for the subscription be available in the account?
The amount corresponding to the subscribed bonds will be reserved from your bank account at the time the subscription order is submitted. The actual settlement will take place on the Settlement Date, 24 September 2025.
What happens in the event of oversubscription?
If the bond offering is oversubscribed, the bonds will be allocated on a pro-rata basis or according to another method determined in advance. In the event of oversubscription, Arco Vara reserves the right to give preference to existing Arco Vara investors (as of 9 September 2025) and to retail investors.
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“Need help? For questions or additional information, please feel free to contact us!”
Investing in securities carries risks. Past performance does not guarantee future results. Before making an investment decision, please read the Prospectus, available at www.arcovara.com.