Arco Vara AS has sold the Helme padel venue located at Helme 18 in Tallinn. The sale price, including VAT, amounted to EUR 2.88 million, exceeding the asset's carrying value.
The transaction is in line with the company's strategy to focus on residential real estate development. The capital released through the transaction will primarily be used to finance the development of the Luther Quarter and the Arcojärve residential quarter.
Rait Riim, CEO of Arco Vara: "Over the past few years, Arco Vara has significantly expanded its development portfolio, and we have now reached the stage where our focus is on the consistent execution of these large-scale projects. The sale of the Helme padel venue is part of the company's strategy to allocate capital to projects that create long-term value for the company, homebuyers and investors."
The Helme padel venue, completed in 2024, will continue to be operated by Padelstar. The transaction does not affect Arco Vara's cooperation with the Estonian Padel Association or the company's ongoing support for community initiatives.
Arco Vara is currently developing the Luther Quarter in central Tallinn and the Arcojärve residential quarter by Lake Harku. In addition, construction is ongoing at the Spordi Street development in Kristiine and the Soodi development in Kodulahe, both of which are scheduled for completion by the end of this year.
Darja Bolshakova
CFO
Arco Vara AS
darja.bolshakova@arcovara.com
