30th Jan 2006 08:00
Engel East Europe N.V.30 January 2006 30 January 2006 ENGEL EAST EUROPE N.V. Agreement to purchase land for 300 residential units in Warsaw, Poland Engel East Europe N.V. (or "the Company"), the AIM-listed Central and EasternEuropean residential property developer (EEE:L), is pleased to announce that ithas signed an agreement for the purchase of additional land in Warsaw, Poland,with a total area of approximately 54,000 Sqm. for total a purchase price ofapproximately €6 million. The Company intends to develop a residential project on the acquired land whichwill include approximately 300 residential units with a total saleable area ofapproximately 26,000 Sqm., the projected sales of which are estimated atapproximately 41 million Euro (including VAT). A valid planning permit has been obtained for part of the project and theCompany has already paid the full purchase price for the land relating to thispart of the project. A planning permit is in the process of being issued for theremainder of the land and the Company has paid an advance of 10% of the purchaseprice for this portion of the land, with the balance to be paid upon receivingthe planning permit. The Company is in negotiation for purchasing additional parcels of landthroughout the CEE Region for the construction of thousands of residentialunits. Jacob Engel, founder and Executive Chairman, said: "We are delighted to announce this latest development project in Poland whichbrings our total residential units under development in the country to 1,136units. This gives us a leading position in Warsaw's residential propertymarket, further allowing us to take full advantage of the exciting growthopportunities afforded by the CEE region." EnquiriesCitigate Dewe RogersonSally Marshak / 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 Central and Eastern Europe (the "CEE Region") and has variousdevelopments in Hungary, the Czech Republic, Poland and Bulgaria, as well asoperations in Germany and Canada. Engel East Europe is currently involved inthe development of approximately 10,000 residential units and is in negotiationsto purchase land for the development of thousands of additional units throughoutthe CEE Region. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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