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Arco Vara AS’ Joint Venture Tivoli Arendus OU Cancels Design and Building Contract with Nordecon AS


Monday, 4 Feb 2013 10:02am EST 

Arco Vara AS announced, in relation to the stock exchange release of May 22, 2012, that Tivoli Arendus OU, which is a 50% joint venture of Arco Vara AS’ wholly-held subsidiary Arco Investeeringute AS, and Nordecon AS, had signed a contract on the design and build of apartment buildings and associated outdoor facilities on a plot with the former address 67 Narva street of Tallinn. The value of the contract was approximately EUR 13.0 million plus value-added tax. On February 1, 2013, Tivoli Arendus OU has canceled the construction contract with Nordecon AS because the latter substantially breached its contractual obligations. The shareholders of Tivoli Arendus OU are, in equal proportions, Arco Investeeringute AS and International Invest Project OU. 

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23 Dec 2014