11th Apr 2006 07:00
Engel East Europe N.V.11 April 2006 11 April 2006 ENGEL EAST EUROPE N.V. New project of 285 residential units in Budapest, Hungary 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, through its subsidiary, forthe purchase of additional land in Budapest, Hungary, which will includeapproximately 285 residential units. The management estimates that the projectedsales will be approximately €23 million (including VAT). The agreement issubject to due diligence. The Company intends to develop a residential project on the acquired land, witha total area of approximately 7,170sqm. The project is located in north Budapeston the Buda side and has very good transportation links to the city centre. The land is being acquired for a total purchase price of approximately €2.4million. The Company has paid 10% of the purchase price in advance for the land,for which a planning permit has already been obtained, and will pay the balanceon completion of the due diligence. The Company is in negotiation for purchasing additional parcels of landthroughout the CEE Region for the construction of thousands more residentialunits. Jacob Engel, founder and Executive Chairman, said: "We are delighted to announce this latest development project in Budapest. Thislast purchase is a result of our leading position in Budapest's residentialproperty market and the Company's intention to expand its activities inBudapest, further allowing us to take full advantage of the exciting growthopportunities afforded by the CEE 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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