Kimberly Enterprises Regulatory News (KBE)

18 Mar 2008 07:00

Engel East Europe N.V.18 March 2008 FOR IMMEDIATE RELEASE 18 March 2008 Engel East Europe N.V. New major retail, office and residential development in Warsaw's prestigious Wilanow district Engel East Europe N.V. ("Engel East Europe" or "the Company"), the AIM-quotedCentral and Eastern European ("CEE") property developer (EEE:LN), is pleased toannounce that it has signed an agreement to purchase 4.12 hectares of land inthe sought-after Wilanow district of Warsaw, Poland. The Company intends to develop the site, which is located close to the Wistulariver and Wilanow Palace gardens, into a commercial centre of approximately20,000 sqm and 80 residential units of around 6,000 sqm. The Company estimatesthat the development will generate sales of about €47 million. The total purchase price of the site was approximately €4.5 million.Construction work, subject to all the necessary planning approvals, is likely tobegin in the next 24 months, with completion expected within four years. This latest acquisition reflects the Company's ability to source such importantdevelopments, and underlines its intention to invest in high-quality parcels ofland with the aim of developing prestigious projects in Poland, along with othermarkets in the CEE region. Eitan Padan, Chief Executive Officer of Engel, said: "This project, such as theacquisition we recently completed in Prague, reflects the Company's newstrategic focus on high-end developments and mixed-use developments. We believethat, along with our existing portfolio of assets in Poland, this new projectwill help Engel East Europe become a significant player in the Polish realestate market." ENDS Enquiries: Engel East Europe N.V.Eitan Padan Tel: +972 (9) 970 7004Sam Salman Tel: +1 (646) 214 2000 Dawnay, Day Corporate Finance Limited Tel: +44 (0) 20 7509 4570Gerald Raingold or Nick Lovering Bankside Consultants Tel: +44 (0) 20 7367 8888Simon Bloomfield or Andy Harris This information is provided by RNS The company news service from the London Stock Exchange