Arco Vara welcomes Rait Riim as CEO

As of today, Rait Riim has assumed the role of CEO of real estate developer Arco Vara. His focus will be on advancing the company’s major development projects to their next phase and supporting Arco Vara’s long-term growth.

Rait Riim has nearly 20 years of experience in the real estate sector. Prior to joining Arco Vara, he worked at LHV Varahaldus AS as Head of Real Estate Investments for pension funds. Between 2020 and 2021, he also served as a member of the supervisory board of Arco Vara AS, representing LHV pension funds.

According to Kert Keskpaik, Chairman of the Supervisory Board of Arco Vara, the company’s current development portfolio provides a strong foundation for its next growth phase.
“The supervisory board is very pleased that Rait Riim is joining the Arco Vara team and will help implement the company’s long-term goals. We will continue creating high-quality living environments for homeowners while also considering it equally important to provide shareholders with stable returns,” said Keskpaik.

According to the new CEO, the next phase of Arco Vara’s development will focus primarily on quarter-based developments. “My first goal is to move the Luther Quarter development in central Tallinn and the Arcojärve development, located next to the sandy beach of Lake Harku in Tallinn’s Haabersti district, into their next phase and ensure their well-planned and efficient execution. The Luther Quarter, which is planned to include 454 apartments and approximately 18,500 square meters of commercial space, is the company’s key project for the next decade, and its successful launch is of strategic importance,” said Riim.

At the same time, the Arcojärve development by Lake Harku is progressing, with the aim of creating a lakeside living environment where landscape architecture, public space, and residential buildings form a cohesive and thoughtfully designed whole.

Riim also considers it important to maintain balance in the company’s development portfolio.
“I want Arco Vara to have multiple projects at different stages of development simultaneously, helping to diversify market risks and reduce dependence on individual projects. At the same time, maintaining strong financial discipline is essential – profitable growth requires a controlled cost base, well-considered investment decisions, and a balance between development volume and risk level,” he explained. The company’s goal is to sustainably grow equity and provide investors with regular and justified returns.

He emphasized that success in real estate development is based on balancing the expectations of homebuyers and investors. “Arco Vara’s client is a well-informed homebuyer who values quality, functionality, and long-term value. Our goal is to offer homes that remain satisfying years after purchase. For investors, this simultaneously means stable and long-term value growth,” noted Riim.

According to the new CEO, the company’s goal is not to build as much as possible, but to create environments that retain their value over time. “Our ambition is not to build more, but to build better – so that the environments we create provide sustainable value for both residents and investors,” he concluded.