Arco Vara: Design agreement for Lozen project is signed

Arco Lozen EOOD, a 100% subsidiary of Arco Vara AS, signed a design contract of
Stage 1 of Lozen project with Vamos OOD, a leading Bulgarian architectural
studio for design. Vamos OOD won architectural concept competition that was
held during Dec 2017 - Feb 2018. The chosen concept was the best both in terms
of customer experience that it will allow to create, and in commercial
parameters. 

Complete technical drawings for construction permit are expected to be ready
for submission to city authorities by October 2018. Arco Lozen EOOD aims to
obtain construction permit by the end of 2018. Stage 1 of the project will
consist of apartment blocks, private houses, a supermarket and a kindergarten
with total GSA exceeding 30,000 m2, including underground areas. Construction
is expected to start in H1 2019 and be completed by the end of 2020, with total
investment of ca 18 mln EUR. 

Stage 1 is the first stage of Lozen project, acquired by Arco Vara AS in
January 2018. The total project covers 12 ha land area in the outskirts of
Sofia and foresees the development of ca 105 000 m2 GSA including underground
areas. Total number of residential units is expected to reach 500 and total
investment - ca 60 mln EUR during the next 5 years. 


         Evelin Kanter
         Head of Legal Department
         Arco Vara AS
         Tel: [phone]
         [e-mail]