Arco Invest EOOD, a subsidiary of Arco Vara, signed a block deal for the sales of 45 unfinished apartments and 60 parking spaces in value of 8,1 mEUR (126,7 mEEK). Arco receives a down payment of 30% in 10 days, the remaining of 70% must be paid to Arco after receiving the permit of use of the apartments. Head of Arco's development division Mr. Veiko Taevere says that the deal represents great potential of city centre developments in Sofia:” It's great to know that our long-term experience in property development create success on foreign markets. According to our strategy, the focus is on projects in good location with good infrastructure. The quality of the work is recognised”, says Mr. Taevere. The development is in size of 24 830 m2 of construction right for 112 apartments. The ground and first floor are meant for commercial premises. Project is located on the Madrid boulevard and has an underground parking facilities for 164 cars. The sales of the project is organised by Arco's service division in Bulgaria. Including the deal the bookings in the project are ca 50% of the total volume. Additional information: www.arcoreal.bg 1 EUR=15,6466 EEK Additional information: Heigo Metsoja IRO +372 6144 654 heigo.metsoja@arcovara.ee http://www.arcorealestate.com