23rd Apr 2007 07:02
Engel East Europe N.V.23 April 2007 ENGEL EAST EUROPE N.V. New project of 200 residential units in Krakow, Poland MONDAY, 23 April 2007 -- Engel East Europe N.V. ("Engel East Europe" or "theCompany"), the AIM-listed Central and Eastern European ("CEE") residentialproperty developer (EEE:LN), is pleased to announce that it has signed a pre-contract for the purchase of land for a new development project of approximately200 residential units in a central district of Krakow, Poland. The Companyestimates that sales of this project will total approximately €35 million. The Company intends to develop a residential project of approximately 12,500sq.m. on the acquired plots which have a total land area of 9,763 sq.m. The total purchase price of approximately €6.9 million for the land will be paidupon satisfactory completion of the due diligence process, fulfillment ofconditions specified in the pre-contract and subject to execution of a notarizedagreement. Engel East Europe continues to negotiate the purchase of land for thedevelopment of additional projects throughout the CEE Region. Jacob Engel, founder and Executive Chairman, said: "This is Engel's first involvement in Krakow in Poland which the Company hasidentified as a very attractive market. The Company currently has projectsinvolving the development of approximately 1,400 residential units in Poland, a market which we have for long identified as one of the most promising areas forresidential development and therefore, as part of our main focus, we arefurther expanding our presence there beyond the Capital City. This newest pre-contract complements our vision of further expansion in bothexisting and new markets, bringing our total number of new projects announcedsince IPO to twelve, while taking full advantage of the considerable growth opportunities for residential property development in the CEE region." END Enquiries Engel East Europe N.V.Nir Netzer, Finance Director+972 9970 7024 Dawnay, Day Corporate Finance Limited - Nominated AdviserGerald Raingold/Sandy Jamieson020 7509 4570 Bankside ConsultantsSimon Bloomfield/Andy Harris020 7367 8888 Notes to editors Engel East Europe is an international residential property developerincorporated in the Netherlands. The Company operates in Central and EasternEurope (the 'CEE Region') and has various developments in Hungary, the CzechRepublic, Poland, Bulgaria, Romania and Serbia as well as operations in Germanyand Canada. Engel is currently in negotiations to purchase land for thedevelopment of additional projects throughout the CEE Region. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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