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-listed
Central and Eastern European ('CEE') residential property developer (EEE:L), is
pleased to announce that it has signed an agreement for the purchase of
additional land in Prague, in the Czech Republic, for the development of
approximately 120 residential units. The management estimates that the projected
sales of the project will total approximately €21 million. The agreement is
subject to due diligence.
The project will be purchased by Enman B.V, a 50% subsidiary of the Company held
in equal partnership with the Heitman Fund as part of JVII between the Company
The Company intends to develop a residential project on the acquired land, with
a total area of approximately 6,000sqm. The project is in a superior location
within the prestigious Prague 6 district.
The total purchase price of the land, for which a planning permit has already
been 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 additional
parcels of land throughout the CEE Region, both in countries we are already
active in as well as in new countries, for the construction of thousands more
Jacob Engel, founder and Executive Chairman, said:
'We are delighted to announce this latest development project in Prague which is
located in a high quality neighborhood and is a result of our long involvement
in Prague's residential property market. This complements our strategy of
further expanding our activities in Prague and taking full advantage of the
considerable growth opportunities for residential property development in the
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 international
residential property developer incorporated in The Netherlands. The Company
operates in CEE Region and has various developments in Hungary, the Czech
Republic, Poland, Bulgaria and Serbia, as well as operations in Germany and
Canada. Engel East Europe is currently involved in the development of more than
11,000 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 FPB