{"id":4982,"date":"2025-07-24T06:32:28","date_gmt":"2025-07-24T06:32:28","guid":{"rendered":"https:\/\/arcovara.com\/?p=4982"},"modified":"2025-07-24T06:32:31","modified_gmt":"2025-07-24T06:32:31","slug":"arco-vara-begins-construction-in-two-developments-and-adds-luther-quarter-to-its-portfolio","status":"publish","type":"post","link":"https:\/\/arcovara.com\/en\/arco-vara-begins-construction-in-two-developments-and-adds-luther-quarter-to-its-portfolio\/","title":{"rendered":"Arco Vara begins construction in two developments and adds Luther Quarter to its portfolio"},"content":{"rendered":"<div class=\"block block-paragraph gutters\"><section class=\"content-block content-text\"> <div class=\"container\">\n<p><strong>Real estate developer Arco Vara earned 3.1 million euros in revenue in the first half of 2025, launched construction works in two developments, and expanded its portfolio with the acquisition of Luther Quarter in the heart of Tallinn. <\/strong><\/p>\n<\/div><\/section><\/div><div class=\"block block-paragraph gutters\"><section class=\"content-block content-text\"> <div class=\"container\">\n<p>\u201cThe second quarter of 2025 marked a continuation of the cautious yet gradual recovery in the real estate market. Market stability, the slow decline in interest rates, and the downward trend of Euribor continue to provide a favorable backdrop for development activities and growing buyer interest,\u201d said Kristina Mustonen, CEO of Arco Vara. \u201cThroughout the quarter, Arco Vara remained focused on sales activities in Estonia while making several important strides in strengthening its development portfolio and implementing strategic adjustments.\u201d <\/p>\n<\/div><\/section><\/div><div class=\"block block-paragraph gutters\"><section class=\"content-block content-text\"> <div class=\"container\">\n<p>As of the end of the quarter, Arco Vara\u2019s balance sheet included 17 completed apartments and one commercial unit, with the group\u2019s total assets reaching 62 million euros. In the first six months of the year, the company earned 3.1 million euros in revenue. The net loss amounted to 43 thousand euros, compared to a loss of 687 thousand euros in the same period last year.  <\/p>\n<\/div><\/section><\/div><div class=\"block block-paragraph gutters\"><section class=\"content-block content-text\"> <div class=\"container\">\n<p>The second quarter marked several key milestones for Arco Vara. According to Mustonen, the most significant achievement of the three-moth period was the acquisition of land plots in Luther Quarte in central Tallinn. \u201cThe acquisition of the Luther site has doubled the company\u2019s asset base and strengthened equity while maintaining a balanced capital structure. Preparatory work is ongoing, with construction scheduled to begin in the second quarter of 2026,\u201d Mustonen explained. The development will span 15 plots and include homes, office and retail spaces, a food street, and a park.   <\/p>\n<\/div><\/section><\/div><div class=\"block block-paragraph gutters\"><section class=\"content-block content-text\"> <div class=\"container\">\n<p>In addition, the company launched construction on the Soodi 6 property in the Kodulahe Quarter and on the Spordi 3a and 3b developments in Kristiine. As of the end of the quarter, 5 and 6 homes had been reserved in these developments, respectively, and sales continue in the third quarter. Both projects are scheduled for completion at the end of 2026.  <\/p>\n<\/div><\/section><\/div><div class=\"block block-paragraph gutters\"><section class=\"content-block content-text\"> <div class=\"container\">\n<p>In the Rannakalda project, 5 homes were sold during the quarter, and only two final apartments remain available in the Kuldlehe development in Meriv\u00e4lja. Arco Vara expects the detailed plan for the Arcoj\u00e4rve area by Lake Harku to be approved by the end of summer. \u201cThe Arcoj\u00e4rve project plays a key role in Arco Vara\u2019s long-term strategy, laying the groundwork for future urban developments,\u201d Mustonen noted.  <\/p>\n<\/div><\/section><\/div><div class=\"block block-paragraph gutters\"><section class=\"content-block content-text\"> <div class=\"container\">\n<p>\u201cOur key focus areas for the third quarter include completion of sales for the remaining apartments in Kuldlehe, the sale of at least six additional units in the Rannakalda project, continued design and planning for the Luther development, ongoing construction activities in both the Spordi and Soodi 6 projects,\u201d said Mustonen.<\/p>\n<\/div><\/section><\/div><div class=\"block block-paragraph gutters\"><section class=\"content-block content-text\"> <div class=\"container\">\n<p><\/p>\n<\/div><\/section><\/div>","protected":false},"excerpt":{"rendered":"<p>Real estate developer Arco Vara earned 3.1 million euros in revenue in the first half of 2025, launched construction works in two developments, and expanded its portfolio with the acquisition of Luther Quarter in the heart of Tallinn. \u201cThe second quarter of 2025 marked a continuation of the cautious yet gradual recovery in the real [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":4979,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[2],"tags":[],"class_list":["post-4982","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - 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