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

Photo: SCANPIX

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.