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Arco Vara expands into Romania as its 6th market

  • Baltic’s largest real estate group Arco Vara and IPC Real Estate open an office in Bucharest, which marks the group’s entrance into its sixth market in Eastern Europe.


Baltic’s largest real estate group Arco Vara and IPC Real Estate open an office in Bucharest, which marks the group’s entrance into its sixth market in Eastern Europe.
 
The local subsidiary, Arco Real Estate Consulting S.R.L, owned jointly by the Estonian Arco Vara AS and IPC Real Estate AS, was registered in Bucharest in October 2006. Arco Real Estate Consulting S.R.L will operate under the international trademark Arco Real Estate.
 
Mr Ivar Siimar, Head of Arco Vara services unit said the timing of the expansion into Romania before it’s accession into the European Union is strategic as the region is becoming increasingly attractive to investors.
 
Cooperation between Arco Vara and IPC will combine Arco Vara’s know-how of real estate and IPC’s knowledge about the local market situation, added Siimar. “IPC already have very attractive new residential projects under development. This will give a kick-start to our entry into the market,” said Siimar.
 
Peep Aaviksoo, Partner of IPC: ”We have been on Romanian market now over one year and can see a lot of similarities with Baltic developments in recent years. We are going to deliver 700 apartments within the next two years and its good to enter to the market with your own, quality products.”
 
Heading the Arco Real Estate Consulting S.R.L will be Mr Ciprian Lopata from Romania has a ten year-experience in managing Baltic business as a former General Manager for Colgate - Palmolive Baltic States and former CEO of Cleanaway Baltics. “Our main target for the first year will be to import into Romania Arco’s customer service standards and thus successfully launch our services in Bucharest,” said Lopata. “In the next couple of years we plan on expanding further into other major cities in Romania.”

Arco Real Estate Consulting S.R.L. office will offer classical property advisory and brokering services. In the first year, the company plans to employ around 40 people.
 
Arco Vara and IPC Real Estate also plan to engage in common real estate development projects in Romania in the future.
 
IPC Real Estate was established in 2005 and the company is focused on real estate development and investment activities in Romania. IPC has started first residential projects in Bucharest representing the total investment about EUR 45 million. During 2006, the company intends to expand its activities also to other cities in Romania and to diversify the product portfolio. The company is owned by three partners: Peep Aaviksoo, Indrek Elhi and Ciprian Lopata.

Arco Vara was established in 1992 in Estonia. Today the largest real estate development group in the Baltic States, Arco Vara is active on the brokering, development and investment markets in Estonia, Latvia, Lithuania, Ukraine and Bulgaria with offices in 22 cities. Arco Vara group comprises more than 30 subsidiaries and employees over 300 people internationally. The consolidated sales revenue of Arco Vara group for 2005 was EUR 30.4 million and the company earned a net profit of EUR 7.4 million.
 
Further information:
 
Ciprian Lopata
Head of Arco Real Estate Consulting S.R.L
Tel: 371 2 925 0268
Tel: 407 2 604 1352
E-mail: Ciprian.lopata@arcoreal.ro
Website: www.arcorealestate.com
 
Ivar Siimar
Head of Arco Vara Service Group
Tel: 372 5029029
Tel: 372 6144600
E-mail: Ivar.Siimar@arcovara.ee
Jõe 2b, 10151 Tallinn
 
Peep Aaviksoo
IPC Real Estate partner
Tel: 372 5035053
Tel: 372 6837200
E-mail: peep.aaviksoo@ipcinvestment.com
 

25.10.2006.

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