Arco Vara’s joint venture Tivoli Arendus OÜ cancels a design and build contract with Nordecon AS

2/4/2013 10:02 AM EST

Arco Vara
Company Announcement 

Arco Vara’s joint venture Tivoli Arendus OÜ cancels a design and build contract
with Nordecon AS

In the stock exchange release of 22 May 2012, Arco Vara announced that Tivoli
Arendus OÜ, which is a 50% joint venture of Arco Vara’s 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 Narva mnt 67, Tallinn. The value of the contract was
approximately 13.0 million euros plus VAT. 

On 1 February 2013, Tivoli Arendus OÜ cancelled the construction contract with
Nordecon AS because the latter substantially breached its contractual
obligations. 

The shareholders of Tivoli Arendus OÜ are, in equal proportions, Arco
Investeeringute AS and International Invest Project OÜ. 



Egert Paulberg
Financial Controller
Arco Vara AS
Tel: +372 614 4503