Piraeus Bank Bulgaria refinances real estate project of Arco Invest.

By bne IntelliNews February 5, 2010
Arco Invest, the local subsidiary of Estonia s Arco Vara Group, has received EUR 16.5mn from Piraeus Bank Bulgaria to refinance an existing EUR 15.5mn loan for the construction of a residential building in the capital city of Sofia . The new agreement extends the deadline for the credit repayment by three years until 2015. The project is to be completed by end-June. The total investment is estimated at EUR 20mn.

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