Kimberly Enterprises Regulatory News (KBE)

20 Dec 2007 07:01

Engel East Europe N.V.20 December 2007 FOR IMMEDIATE RELEASE 20 December 2007 Engel East Europe N.V. ONE HUNDRED LUXURIOUS APARTMENTS TO BE BUILT IN TROJA, PRAGUE Engel East Europe N.V. ("Engel East Europe" or "the Company"), the AIM-quotedCentral and Eastern European ("CEE") residential property developer (EEE:LN), ispleased to announce that it has formally completed the agreement to purchase asignificant parcel of land in Prague as announced on 29 August 2006. The Companyintends to develop approximately 100 high-end residential units, with a totalarea of approximately 9,000sqm on the acquired land. The site is located in Troja, one of the most exclusive parts of Prague, andclose to the Valtava River and palace gardens. The Company estimates that thedevelopment will generate projected sales of about €25 million. The total purchase price of the site was approximately €5 million. The HeitmanFund is investing in 50% of the project through Enman BV, a Dutch registeredcompany. Enman, which is co-owned by Engel and Heitman, holds projectsthroughout the CEE region. The land has been registered as belonging to acompany wholly owned by Enman BV. Eitan Padan, Chief Executive Officer of Engel said: "This is a significant stepforward for the Company under its new leadership and ownership. The projectreflects the increased emphasis Engel is placing on high end projects. TheCompany, with its established ability to source such deals, will continue toinvest in high quality parcels of land with the aim of developing prestigiousprojects in the Czech Republic, along with other markets in the CEE region." ENDS Enquiries: Engel East Europe N.V.Eitan Padan Tel: +972 (9)970 7004 Dawnay, Day Corporate Finance LimitedGerald Raingold Tel: +44 (0) 20 7509 4570Nick Lovering Bankside ConsultantsSimon Bloomfield Tel: +44 (0) 20 7367 8888Andy Harris This information is provided by RNS The company news service from the London Stock Exchange