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Engel East Europe NV (KBE)

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Monday 07 June, 2010

Engel East Europe NV


RNS Number : 1391N
Engel East Europe N.V.
07 June 2010

Engel East Europe N.V.




Monday 7 June 2010 - Engel East Europe N.V. ('Engel' or 'the Company'), the AIM-listed Central and Eastern European property developer (EEE: L), today announces that it has agreed the sale of the Gym project in Budapest, Hungary, in which the Company has a 50% interest.  The total consideration for the project is €0.75 million, which represents a loss of €1.3 million on book value. 

The disposal is in line with the Company's policy of reducing debt and focusing its residential development activities on core geographical areas, being Poland and the Czech Republic.





Engel East Europe N.V.

Assaf Vardimon

Tel: +972 (9) 970 7004

Libertas Capital Corporate Finance Limited

Tel: +44 (0) 20 7569 9650

Sandy Jamieson

Bankside Consultants

Tel: +44 (0) 20 7367 8888

Simon Bloomfield or Andy Harris


This information is provided by RNS
The company news service from the London Stock Exchange