The Management Board of Arco Vara AS dismissed Ivaylo Mishev from the position of manager Arco Vara Group’s Bulgarian entities (Arco Vara Bulgaria EOOD, Iztok Parkside EOOD, Arco Invest EOOD, Arco Lozen EOOD, Arco Manastirski EOOD) and elected as new manager Kaloyan Radosslavov. The Management Agreement with the new manager has been concluded for 3 years. Kaloyan Radosslavov joined the team of Arco Vara in 2018 and in a short period of time successfully turned around the Madrid project into a profitable enterprise for the group. The main responsibilities before the new manager will be to complete all ongoing projects in Bulgaria, initiate new developments, diversify the real estate portfolio and increase the overall profitability of the Bulgarian arm of the group. Prior to joining Arco Vara, Kaloyan worked as a lawyer in New York, USA.
Arco Vara AS is an Estonia-based company active within the property industry. The Company focuses on the building construction, civil engineering, special engineering and real estate services. Its business consists of three segments: Development segment, which is engaged in the development of residential and commercial environments, as well as long-term investment in real estate; Service segment, which is involved in the real estate brokerage, valuation and management, and short-term investment in real estate, and Construction segment, which provides general and sub-contracting in the field of general construction, civil and environmental engineering, and construction supervision services. Arco Vara AS has numerous subsidiaries, including Arco Lozen EOOD, Acro Invest EOOD, and Acro Real Estate SIA. The Company operates in Estonia, Latvia and Bulgaria.