Tallinn-listed Arco Vara AS announced on 29 September 2026 that it had entered into a preliminary agreement to sell its 75% stake in Botanica Lozen EOOD, a Bulgarian real estate development company, to Kamaleo Invest OOD, which already owns the other 25%. Arco Vara describes the deal as a management buyout: Christian Petrov, who represents Kamaleo Invest, has been general manager of Botanica Lozen since 27 October 2025. The price for the 75% is €6.3 million, payable in three parts: a non-refundable deposit of €1.27 million within seven business days of signing, €1.00 million by 31 October 2026, and €4.03 million on completion. The first two payments are financed by a loan from Botanica Lozen itself to the buyer. The completion deadline is 26 February 2027. Arco Vara will also hand over five dormant companies left from earlier Bulgarian projects. After completion Kamaleo Invest will own 100% and Arco Vara will have no development business in Bulgaria; the company says the released capital will go to its Estonian projects, including Luther Quarter and Arcojärve. Botanica Lozen's equity is about €8.7 million, and Arco Vara says the price is close to the equity attributable to its stake, so no material effect on profit is expected. The company reported zero revenue in 2023–2025 and a net loss of €612 thousand in 2025. Kamaleo Invest bought its 25% in May 2026.