14th Sep 2006 07:01
Engel East Europe N.V.14 September 2006 14 September, 2006 ENGEL EAST EUROPE N.V. New project of 390 residential units in Bucharest, Romania Engel East Europe N.V. ("Engel East Europe" or "the Company"), the AIM-listedCentral and Eastern European ("CEE") residential property developer (EEE:LN), ispleased to announce that it has signed an agreement for the purchase of land fora new development project of approximately 390 residential units in Bucharest,Romania. The Company estimates that projected sales of this project will totalapproximately €46 million. The Company intends to develop a residential project of approximately 35,000sqmon the acquired plots with a total land area of 17,700sqm. The project is in aprime location, within the high-quality Sisest neighbourhood. The total purchase price of the land is approximately €4.4 million. Of this,approximately 10% was paid upon signing the agreement, an additional 10% will bepaid upon satisfactory completion of the due diligence process and the remaining80% will be paid upon fulfillment of several conditions by the seller. Engel East Europe is in continual negotiation for the purchase of land for thedevelopment of additional projects throughout the CEE Region. Jacob Engel, founder and Executive Chairman, said: "This is Engel's fourth project in Romania, following two recent MOUannouncements and the Pipera Project announced a month ago. Romania is a marketwhich we have always forecast as one of the most promising areas for residentialdevelopment and therefore, as part of our main focus, we are further expandingour presence there. This newest acquisition complements our vision of further expanding ouractivities in both existing and new markets bringing our total number of newprojects announced since IPO to ten with combined projected sales ofapproximately €500 million, while taking full advantage of the considerablegrowth opportunities for residential property development in the CEE region," Enquiries Engel East Europe N.V. Nir Netzer, Finance Director +972 9970 7024 Citigate Dewe Rogerson Sally Marshak / George Cazenove / Hannah Seward +44 20 7638 9571 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 involved in the development of approximately12,000 residential units and is in negotiations to purchase land for thedevelopment of additional projects throughout the CEE Region. END This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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