Arco Vara is an international real estate group operating mainly in Estonia and Bulgaria. The group’s parent company, Arco Vara AS was established in Estonia in 1992 and has been listed on Nasdaq Tallinn stock exchange since 2007.
The main activity of Arco Vara is the development of complete living environments and related commercial real estate. In addition, the group earns license fees from agreements with real estate agencies offering real estate brokerage and valuation services under its trade marks in Estonia, Latvia and Bulgaria.
History
Arco Vara founded the construction company Arco Tarc.
The 5th stage of Kodulahe – construction starts at Kodulahe Rannakalda.
Pre-sales start at Bulgarian development Botanica Lozen.
Lauri Männiste to lead Arco Vara construction company Arco Tarc.
Kodulahe 4th stage, Pagi 3 and Pagi 5 apartment buildings were completed.
Constructions begin for Kodulahe Kvartal 4th stage, Padi 3 and Pagi 5 apartment buildings. 72 apartments are built in one building.
Arco Vara expands its real estate development, by signing a land purchase agreement on the shore of Lake Harku.
Arco Vara expands its development activities in Kodulahe by winning the auction over Soodi 6 state land.
Public Offering of Arco Vara shares begins. 6,860 investors participated in the subscription for shares and the volume of 1,000,000 shares was exceeded by 4.84 times.
The II stage of Kodulahe project at Lahepea 9 in Tallinn is finished.
Construction of the III stage of Kodulahe (Soodi 4) with 50 apartments begins.
Construction of Kodukalda development project in Tartu begins. The project consists of 4 apartment buildings with a total if 30 apartments.
New land plots are acquired in a suburb of Sofia, becoming the Botanica Lozen development project.
Arco Vara arranges a public offering of shares in the amount of 3,74 mln euros. The proceeds are mainly used for the acquisition of Botanica Lozen land plots.
Last units are sold in Lahepea 7 building.
Construction of the II stage of Kodulahe (Lahepea 9) with 68 apartments and 1 commercial area begins.
Ownership of Arco REIT in Bulgaria is sold.
Ownerships of Estonian and Bulgarian real estate agencies are sold and licence agreements are signed with agencies. Arco Vara continues as a residential real estate developer in Estonia and Bulgaria.
The I stage of Kodulahe, Lahepea 7 apartment building is completed.
The construction of Iztok Parkside project begins in Sofia, consisting of 3 buildings with a total of 67 apartments.
Euro Kinnisvarateenuste OÜ joins Arco Vara.
There are over 50,000 clients in Arco Vara Estonian database, i.e. every 25th Estonian resident is a customer of Arco Vara
Last units of Manastirksi Livadi project in Sofia are sold. With 280 apartments, 36 commercial areas and 35,000 m2 of TBA, this is the largest independently developed project in the history of Arco Vara.
Construction of Stage I Kodulahe development project starts with 125 apartments and 5 commercial areas.
Viimsiranna development project in Estonia is successfully sold.
Ownership in the Latvian real estate agency is sold; the cooperation continues under licence agreement.
The III stage of Manastirski Livadi project with 80 apartments and 8 commercial areas is finished.
Arco REIT project is launched, becoming a publicly traded company in Sofia.
Successful sale of two development projects in Estonia: Instituudi Road plots in Harku municipality close to Tallinn and Suur-Sepa plot in Pärnu.
The II stage of Manastirski Livadi project is finalised with 122 apartments and 13 commercial areas.
Usage permit is granted to the Riga Bišumuiža-1 final stage apartment building containing 14 apartments.
For Kodulahe developmental project, a detailed plan is confirmed for constructing 330 apartments and commercial areas.
Tehnika 53 residential development project is constructed and sold in Tallinn.
Last apartments are sold in Kodukolde residential development project.
Construction of Manastirski Stage II in Sofia begins.
Tivoli and Ahtri 3 plots are sold.
Residential development land plot on 70C Paldiski road is acquired in Tallinn for residential development.
Manastirski Stage I building in Sofia, Bulgaria is awarded an occupancy permit.
Construction of the last 2 apartment houses in Kodukolde development project begins.
Tarmo Sild becomes CEO of Arco Vara AS.
Alasniidu kindergarten is completed.
Estonian Aviation Academy in Tartu is completed.
Last residential land plots are sold in Merivälja-2.
Construction of Lilletee kindergarten begins.
Construction of Stage I (71 apartments and 6 commercial areas) of Manastirski development project in Sofia starts.
Land plots are privatized in Latvia, “Mazais Baltezersi” district.
Partnership contract for development of Tivoli project (Estonia) with external investors is signed.
Next phase of Kodukolde project construction starts in cooperation with Merko Ehitus.
The Boulevard Residence Madrid project in Sofia is granted an occupancy permit.
Facility management services expand to Bulgaria.
Communications and streets of land plots development at the seaside in Merivälja-2 project in Tallinn are built.
Stage IV of residential development Kodukolde is finished.
In Sofia, construction works on Boulevard Residence Madrid and Manastirski Livadi projects commence.
The Estonian construction company Arco Ehitus is awarded with ISO certificates.
Lembit Tampere becomes the new CEO of Arco Vara.
Expansion of Arco Development in Lithuania and Bulgaria – first development projects launched in these countries.
Arco Vara goes public with a IPO and the subsequent listing of shares on the Tallinn Stock Exchange on June 21, 2007.
Expansion and opening of offices in Bulgaria and Romania.
An international service organization based on a single set of standards takes shape.
New real estate portfolio, Explorer Baltic Property Fund – Baltic States is launched in cooperation with East Capital.
Development activity is expanded throughout the Baltics.
The Ukrainian office is opened in Kiev.
Successful merger of Estonian regional real estate offices into Arco Kinnisvarabüroo AS takes place.
Arco Vara increases its share capital, involving Hansabank with a holding of 10.5%.
The final implementation of the Arco Vara Group managerial unit is completed and a transition is made to a three pillar structure.
Successful development activity is launched in Latvia through Arco Development SIA.
Construction activities of the group are actively developed.
A forest auction system, metsaoksjon.ee, is created and Arco Vara Puukooli OÜ is founded as a nursery, seedling sale centre and forestry renewal company.
Cooperation begins with a leading German real estate group DEC.
A majority stake is acquired in the construction firm Deena Ehituse Llc.
Arco Vara becomes the personal main sponsor of a top Estonian skier, Jaak Mae.
Arco Vara purchases the Tallinn Olympic Yahting Centre from the Ministry of Culture.
Arco Real Estate Latvia launches the first large-scale residential development in Baltezers near Riga – the Marsili residential area.
One of Estonia’s largest construction supervision companies, Tallinna Linnaehituse AS, is acquired in a public tender.
Arco Kapitalijuhtimise AS is founded with the aim of managing real estate investment programmes to be launched and offering various investment opportunities.
Arco Maadehalduse OÜ, a forestland, land management and brokerage company, is founded.
An Arco Vara office is founded in Vilnius, Lithuania.
Arco Vara Tartu Office acquires the Ristiku shopping centre in Tartu, then in poor financial state. It is the first sanitation of a real estate firm in Arco Vara history. The centre is sold successfully in 2002.
A historical building in Pärnu (address Aia 8) is acquired and renovated on the initiative of Arco Vara Pärnu Office.
Commencement of a second large-scale residential development project (40 hectares), Merivälja 2.
Arco Vara begins expansion to other Baltic States. The first step is the establishment of Arco Real Estate in Riga. Today, Arco Real Estate is a successful real estate company in Latvia.
Arco Vara establishes Arco Vara Halduse OÜ, a company to provide real estate management services
Cooperation with the developer and constructor TTP begins for the brokerage of a large real estate development project in Pirita in Tallinn.
One of the largest real estate development projects in the Baltics – Veskimöldre – is launched.
Arco Vara begins offering land surveying services.
The real estate development subsidiary, Arco Investeeringute AS, is founded.
In cooperation with partners, 2.1 hectares of commercial land is purchased in Tallinn’s passenger port.
Activity is expanded to southern Estonia.
The Estonian Association of Real Estate Companies is founded, with Arco Vara as a founding member.
The Arco Vara Pärnu Office is founded.
The first contract for the right of superficies in Tallinn is concluded involving a piece of real estate owned by the Republic of Estonia.
Arco Vara’s Saare office is founded. This represents an expansion of activity beyond Tallinn.
Arco Vara is responsible for conducting what to its knowledge was the first real estate transaction in independent Estonia.
AS Arco Vara is founded by Arti Arakas and the company starts its operations as a real estate agency in Tallinn.
Soon Richard Tomingas and Hillar-Peeter Luitsalu join the company and active development and expansion of the company begins.