A 6.1-Mln-Euro Apartment Complex to Be Built in Sofia's Manastirski Livadi Area

Arco Invest and Road Construction Equipment Jsc have signed an agreement for the preliminary stage of construction on the company's L!VD Apartments project. Construction works are expected to last 14 months and to cost a total of 6.1 mln eueros.The location is in the west of Sofia's Manastirski Livadi area. This is the company's largest project in the capital.„I hope this project will be as successful as our first one - Blvd Residence on Madrid Blvd in Sofia. The location is excellent and we have already sealed 8 contracts for apartment sales,"says Veyko Taevre, investment manager.The company has signed an agreement with Piraeus Bank for the project funding. The agreement covers 100% of the construction costs.The plot is situated at a 3 km distance from downtown Sofia, on a total area of 35,000 sq m. It comprises 284 apartments, 25 ground floor units, a guarded car park with a capacity of 217 vehicles.Arco Invest is a unit of Estonian Arco Vara - a leading real estate company in the Baltic region, which is currently expanding its presence in Bulgaria, Romania and Ukraine. Its core activity is property development and related services, such as brokerage, consultancy, construction etc.The company has 26 offices in 6 countries and employs more than 570 people. According to its 2007 consolidated report, net sales last year stood at 46 mln euros and profit at 15 mln euros. Arco Vara is listed on the Talin stock exchange.