Sorainen has advised Estonian real estate company Arco Vara on its secondary public offering and listing of the new shares on the main list of Nasdaq Tallinn.
Arco Vara shares were offered to retail investors in Estonia, raising EUR 2.25 million.
According to Sorainen, Arco Vara’s public offering was extremely popular among investors with the offering being over-subscribed 4.8 times. Over 6,000 new investors participated in the offering, while the overall number of investors increased to 10,000.
Operating mainly in Estonia and Bulgaria, Arco Vara is focused on the development of integrated living environments and related commercial real estate. It has been listed on the Nasdaq Tallinn stock exchange since 2007.
"The issue of Arco Vara turned out to be very successful," Arco Vara’s CEO Miko Niinemae commented. "This confirms our company’s previous belief that people’s desire to invest is growing and real estate development continues to be attractive."
The Sorainen team was led by Counsel Katlin Krisak and included Senior Associate Robin Teever and Associate Kamilla Alma Vilderson.
