Fusion Antibody Regulatory News (FAB)

11 Jul 2007 08:16

Fabian Romania Property Fund Ltd11 July 2007 11 July 2007 Fabian Romania Property Fund Limited ("Fabian Romania" or "Fabian") Construction contract agreed and sales started at the New Town residential joint venture development Fabian Romania is pleased to announce that its joint venture developmentcompany, Phoenix Park SRL, has agreed a fixed price build contract with MivanKier for residential apartments at the New Town development in east Bucharest. The development project is now forecast to involve the construction of more than635 residential apartments over two phases with an estimated gross developmentvalue in excess of €120 million and total costs, excluding land, ofapproximately €80 million. The apartments will be approximately 100 squaremetres per unit and are being targeted at middle income families. Building permits have been obtained and below ground construction works areongoing with the first apartments due to be completed in the summer of 2008. A sales and marketing suite was created in central Bucharest and a full launchhas started. To date, 119 apartments with parking have been released for salecomprising the first release. City wide newspaper and radio advertising has beentaken to support the launch. In July 2006, Fabian Romania paid €5.75 million for a 50 per cent. stake in thedevelopment company. Further development funding requirements are expected to bemet by a combination of bank financing and deposits from forward sales. MivanLtd of Country Antrim, Northern Ireland, through its Romanian operating companyRopotamo Expert SRL is acting as the development manager on the project as wellas being Fabian's joint venture partner. Mark Holdsworth, Director of Fabian Capital, Fabian Romania's investment advisersaid: "We are delighted with the progress of the New Town development and ourpartners Mivan. With build costs now secured and a full sales launch underway wehave made significant progress since entering into the joint venture last year.We will provide investors with a further progress report on how well theapartments are selling at the time of the publication of our second quarter NAV,expected on Monday 23 July." Enquiries: Fabian Romania: Mark Holdsworth +44 20 7499 9988 Nominated Adviser: Deloitte & Touche LLP James Lewis +44 20 7936 3000 Broker: Shore Capital Stockbrokers Limited Dru Danford +44 20 7408 4090 This information is provided by RNS The company news service from the London Stock Exchange