Arco Vara
04.09.2014: Paldiski road 70c detail plan adopted by Tallinn City Council
DGAP-News: Arco Vara 05.09.2014 / 12:15 --------------------------------------------------------------------- Tallinn City Council adopted on 4.09.2014 the detail plan of Paldiski 70c and thereto completed the public spatial planning procedures of that residential quarter. As a result, the development project's gross buildable area above grade amounts to 32.000 square meters and estimated gross sellable area amounts to 27.500 square meters. The development project belongs to AS Kolde, the Group's 100% subsidiary. AS Kolde is presently conducting an architectural competition for the residential quarter. Execution of design contract is scheduled for Q4 2014 and construction works are planned to commence in the 2nd half of 2015. In conjunction with the adoption of the detail plan and acquisition of suitable building right to the land plot, the Group's management is going to reverse the discount of the asset value made in 31.12.2012 in the amount of 572 thousand EUR. Evelin Kanter Lawyer Arco Vara AS Tel: +372 614 4594 evelin.kanter@arcovara.ee http://www.arcorealestate.com News Source: NASDAQ OMX --------------------------------------------------------------------- 05.09.2014 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- Language: English Company: Arco Vara Estonia ISIN: EE3100034653 End of News DGAP News-Service --------------------------------------------------------------------- 285750 05.09.2014
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