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 Eastern
European residential property developer (EEE:L), is pleased to announce that it
has 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 of
approximately €6 million.
The Company intends to develop a residential project on the acquired land which
will include approximately 300 residential units with a total saleable area of
approximately 26,000 Sqm., the projected sales of which are estimated at
approximately 41 million Euro (including VAT).
A valid planning permit has been obtained for part of the project and the
Company has already paid the full purchase price for the land relating to this
part of the project. A planning permit is in the process of being issued for the
remainder of the land and the Company has paid an advance of 10% of the purchase
price for this portion of the land, with the balance to be paid upon receiving
the planning permit.
The Company is in negotiation for purchasing additional parcels of land
throughout the CEE Region for the construction of thousands of residential
Jacob Engel, founder and Executive Chairman, said:
'We are delighted to announce this latest development project in Poland which
brings our total residential units under development in the country to 1,136
units. This gives us a leading position in Warsaw's residential property
market, further allowing us to take full advantage of the exciting growth
opportunities afforded by the CEE region.'
Citigate Dewe Rogerson
Sally Marshak / Hannah Seward
+44 20 7638 9571
Notes to editors
Engel East Europe listed on AIM in December 2005 and is an international
residential property developer incorporated in The Netherlands. The Company
operates in Central and Eastern Europe (the 'CEE Region') and has various
developments in Hungary, the Czech Republic, Poland and Bulgaria, as well as
operations in Germany and Canada. Engel East Europe is currently involved in
the development of approximately 10,000 residential units and is in negotiations
to purchase land for the development of thousands of additional units throughout
the CEE Region.
This information is provided by RNS
The company news service from the London Stock Exchange