Change in substantial shareholding


Pursuant to the Securities Market Act, manager of OÜ Gamma Holding Mr. Arvo
Nõges notified Arco Vara AS that after the share transaction on 16 September
2009 the aggregate holding of OÜ Gamma Holding exceeded the 5 % of the voting
stock in Arco Vara AS. 

Arco Vara is one of the leading real estate developer in the Baltic's,
operating also in Ukraine and Bulgaria. Core business is real estate
development supported by brokerage network, construction arm and property
management. The company has offices in 17 cities and employs ca 250 people. 
Arco Vara AS is listed on Tallinn Stock Exchange.

Lembit Tampere
CEO
Arco Vara AS
phone: +372 614 4630
info@arcovara.ee
http://www.arcorealestate.com/