Kimberly Enterprises Regulatory News (KBE)

5 Feb 2007 13:05

Engel East Europe N.V.05 February 2007 5 February, 2007 ENGEL EAST EUROPE N.V. New project of 1,000 residential units in Bucharest, Romania Engel East Europe N.V. ("Engel East Europe" or "the Company"), the AIM-listedCentral and Eastern European ("CEE") residential property developer (EEE:LN), ispleased to announce that it has signed a pre contract for the purchase of landfor a new development project of approximately 1,000 residential units in asouth suburb of Bucharest, Romania. The Company estimates that projected salesof this project will total approximately €100 million. The Company intends to develop a residential project of approximately 100,000sqmon the acquired plots with a total land area of 77,500sqm. The total purchase price of the land will be paid upon satisfactory completionof the due diligence process. Engel East Europe is in continual negotiation for the purchase of land for thedevelopment of additional projects throughout the CEE Region. Jacob Engel, founder and Executive Chairman, said: "This is Engel's involvement in its fifth project in Romania, following tworecent MOU announcements, the Sisest Project and the Pipera Project announcedseveral month ago with total of approximately 5,500 residential units inRomania. Romania is a market which we have for long identified as one of themost promising areas for residential development and therefore, as part of ourmain focus, we are further expanding our presence there. "This newest pre contract complements our vision of further expanding ouractivities in both existing and new markets bringing our total number of newprojects announced since IPO to eleven with combined projected sales ofapproximately €600 million, while taking full advantage of the considerablegrowth opportunities for residential property development in the CEE region," END Enquiries Engel East Europe N.V.Nir Netzer, Finance Director+972 9970 7024 Dawnay, Day Corporate Finance Limited - Nominated AdviserGerald Raingold/Sandy Jamieson020 7509 4570 Bankside ConsultantsSimon Bloomfield/Andy Harris020 7367 8888 Notes to editors Engel East Europe is an international residential property developerincorporated in The Netherlands. The Company operates in Central and EasternEurope (the "CEE Region") and has various developments in Hungary, the CzechRepublic, Poland, Bulgaria, Romania and Serbia as well as operations in Germanyand Canada. Engel is currently involved in the development of approximately16,000 residential units including the projects in Romania and is innegotiations to purchase land for the development of additional projectsthroughout the CEE Region. This information is provided by RNS The company news service from the London Stock Exchange