The Supervisory Board of Arco Vara has appointed Rait Riim as the new CEO of Arco Vara AS. According to the decision of the Supervisory Board, Rait Riim's authority will take effect on April 1, 2026 and will be valid for three years.
Rait Riim has 20 years of experience in the real estate sector. Since 2019, he has been working as Head of Real Estate Investments at LHV Varahaldus AS. Previously, he has served as Development Project Manager at Kapitel AS and as Real Estate Portfolio Manager at Ektornet Management Estonia OÜ, a subsidiary of Swedbank. From 2020 to 2021, Rait Riim was a member of the Supervisory Board of Arco Vara AS, representing LHV Pension Funds.
Rait Riim's main priorities at Arco Vara are the successful execution of the Luther Quarter and Arcojärve developments, balancing the development portfolio, and maintaining strong financial discipline.
Kert Keskpaik, Chairman of the Supervisory Board of Arco Vara AS: "The Supervisory Board is very pleased that Rait Riim is joining the Arco Vara team and will help deliver the company's long-term objectives. The Supervisory Board expects the new CEO to ensure Arco Vara's growth and stable profitability. Our current development portfolio provides a strong foundation for this growth. We continue to create high-quality living environments where homeowners feel comfortable living, and we consider it equally important to provide Arco Vara's shareholders with a stable return."
Rait Riim, Chairman of the Management Board of Arco Vara: "Joining Arco Vara is an opportunity for me to contribute to the company's next stage of growth. Arco Vara's ambition is to be a real estate developer recognised as a benchmark for urban space and living environment quality, sustainability and long-term value. It is important that a developer does not merely construct buildings, but creates comprehensive environments that homeowners can be proud of and whose value grows over time. The strength of the company's development portfolio and its next stage of growth provide the opportunity to deliver large-scale and urbanistically significant projects that require a clear strategic vision and strong financial discipline."
The new manager does not own shares of Arco Vara AS.
According to the decision of the Supervisory Board, Kristina Mustonen will be recalled from the Management Board of Arco Vara AS as of 22.04.2026.
Darja Bolshakova
CFO
Arco Vara AS
darja.bolshakova@arcovara.com
