Christian Petrov Appointed as the Head of Arco Vara’s Bulgarian Operations

Following the departure of Arco Vara Bulgaria’s former Managing Director, Daniel Yordanov, Arco Vara AS has appointed Christian Petrov as the new head of its Bulgarian subsidiaries.

The main responsibility of the new manager is to ensure the smooth continuation of the Bulgarian subsidiaries’ daily operations and to support Arco Vara’s strategic goal of gradually concluding its activities on the Bulgarian market, including overseeing the ongoing sales process and asset realization. At the same time, the development activities in Bulgaria continue as planned – the projects are progressing according to the established schedule, and the new manager’s task is to ensure their proper and effective execution until the completion of the exit process.

Christian Petrov will serve on the management boards of all Arco Vara’s Bulgarian subsidiaries.

Christian Petrov is a real estate professional with extensive experience in structuring and implementing complex projects. His expertise lies in financing and transforming existing commercial assets into high-value residential developments. Previously, he has worked in the public sector, dealing with urban transport, energy efficiency, and local authorities.

Christian Petrov does not hold any shares in Arco Vara AS.

In July this year, Arco Vara AS announced its intention to concentrate its focus on its core market — real estate development projects located in Estonia. The company will continue to keep investors and the public informed about the progress of related negotiations and will provide additional information once the transactions or other material developments reach the next stage.

Darja Bolshakova

CFO

Arco Vara AS