Arco Vara AS is an international real estate group established in Estonia in 1992. The company operates mainly in Estonia and Bulgaria.
The main activity of Arco Vara is the development of complete living environments, along with associated commercial real estate. In addition, the group generates licensing revenue through agreements with real estate agencies operating under its trademarks in Estonia, Latvia, and Bulgaria.
Arco Vara AS has been listed on Nasdaq Tallinn Stock Exchange since 2007.
The CEO of Arco Vara AS is Kristina Mustonen, who took up the position on 15 July 2024. Before Mustonen, the company was led by Miko-Ove Niinemäe, who was also the youngest CEO of a listed company in Estonia.
As of 30 September 2025, Arco Vara had a total of 7,421 shareholders, including 6,829 retail shareholders, whose ownership in the company amounted to 10.5%.
In September 2025, Arco Vara issued bonds with a nominal value of 100 euros and an annual interest rate of 8.8% in the total amount of 15 million euros. The initial bond offering with a base size of 10 million euros was oversubscribed approximately 2.2 times, making it the largest single bond issue among Baltic listed real estate developers.
As of 30 September 2025, 83.49% of Arco Vara shares were held by the following major shareholders:
The development of Arco Vara AS financial indicators in recent years: