OREANDA-NEWS. On 20 February 2008 was announced, that Arco Invest EOOD, a subsidiary of Arco Investeeringute AS, concluded a loan agreement with Piraeus Bank Bulgaria Plc. in amount of 219 mEEK (14 mEUR). The purpose of the loan is the financing of construction of Manastirski project in Bulgaria in Sofia. Maturity of the loan is 48 months with a grace period 24 months. Interest is based on 3m EURIBOR and the margin 2,25% to 2,75% depends on the sales of the apartments.

The project is located 2km from the city centre and involves 8990m2 of land. According to the zoning rights the above and underground construction volume in total is 34 700 m2.

In three years the company plans to construct there commercial and residential spaces.