25th May 2006 07:00
Engel East Europe N.V.25 May 2006 25 May 2006 ENGEL EAST EUROPE N.V. New project of 120 residential units in Prague, Czech Republic Engel East Europe N.V. ("Engel East Europe" or "the Company"), the AIM-listedCentral and Eastern European ("CEE") residential property developer (EEE:L), ispleased to announce that it has signed an agreement for the purchase ofadditional land in Prague, in the Czech Republic, for the development ofapproximately 120 residential units. The management estimates that the projectedsales of the project will total approximately €21 million. The agreement issubject to due diligence. The project will be purchased by Enman B.V, a 50% subsidiary of the Company heldin equal partnership with the Heitman Fund as part of JVII between the Companyand Heitman. The Company intends to develop a residential project on the acquired land, witha total area of approximately 6,000sqm. The project is in a superior locationwithin the prestigious Prague 6 district. The total purchase price of the land, for which a planning permit has alreadybeen obtained, is approximately €5 million, which will be paid by the Company,on completion of the due diligence. Engel East Europe is in continuing negotiations for the purchase of additionalparcels of land throughout the CEE Region, both in countries we are alreadyactive in as well as in new countries, for the construction of thousands moreresidential units. Jacob Engel, founder and Executive Chairman, said: "We are delighted to announce this latest development project in Prague which islocated in a high quality neighborhood and is a result of our long involvementin Prague's residential property market. This complements our strategy offurther expanding our activities in Prague and taking full advantage of theconsiderable growth opportunities for residential property development in theCEE region'." Enquiries Citigate Dewe Rogerson Sally Marshak / George Cazenove / Hannah Seward +44 20 7638 9571 Notes to editors Engel East Europe listed on AIM in December 2005 and is an internationalresidential property developer incorporated in The Netherlands. The Companyoperates in CEE Region and has various developments in Hungary, the CzechRepublic, Poland, Bulgaria and Serbia, as well as operations in Germany andCanada. Engel East Europe is currently involved in the development of more than11,000 residential units and is in negotiations to purchase land for thedevelopment of thousands of additional units 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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