Engel drops Canada and Germany projects to focus on CEE, Romania

Newsroom 04/02/2008 | 15:46

According to the newspaper, the developer took the decision as a result of low profits on the Canadian and German markets. Engel owned land worth EUR 20 million in Montreal, Canada, where it had planned to build three residential projects totaling 900 homes. Its investment plans in Germany targeted the construction of 216 cottages in the town of Rassnitz, according to Haaretz.
EEE built its first property in Romania in 1996, when the developer acquired land in Bucharest worth EUR 4.4 million, to develop a project of 390 residential units with an estimated value of EUR 46 million. In the same year, it acquired three plots worth EUR 4.6 million in the Pipera area in Bucharest to host 550 apartments, with a built area of 55,000 sqm and an estimated value of EUR 60 million. In mid-2007, Engel signed an agreement for acquiring 77,500 sqm of land in Bucharest in order to develop a project of 1,000 homes, with a total sale value calculated at EUR 100 million.
Engel is planning eight projects with 1,619 residential units in Bulgaria, 974 homes from five projects in Czech Republic, while Hungary and Poland total more than 7,000 residences in six projects.
According to the London Stock Exchange's report, Engel is controlled by Lagna Holdings, whose controlling shareholder is Shaya Boymelgreen.

Magda Purice

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