New Investment Partner in Budapest, Hungary

 

TIDMNAT 
 
RNS Number : 0218R 
Nanette Real Estate Group N.V. 
23 April 2009 
 

Nanette Real Estate Group NV 
"Nanette" or "the Company" 
 
New Investment Partner in Budapest, Hungary 
 
Nanette is very pleased to announce that it signed an agreement to sale 50% of 
the Company's rights in Albert Ingatlan Kft (the "Project Company). It has been 
agreed that the Company will continue to hold 52% of the voting rights of the 
Project Company. 
 
As a result of the transaction the Company has reduced its profit holdings from 
100% to 50%. The company will recognize an immaterial profit from the sale. 
 
The consideration of the sale of shares was 250,000 Hungarian Forint. 
Furthermore, the Investor has provided to the Project Company an owner's loan of 
893,000 Euro (which is approximately 50% of the owners' loan provided by the 
Company to the Project Company). The agreement includes instructions that govern 
the relationship between the two parties as shareholders in the Project Company. 
 
 
The Project Company, incorporated in Hungary, purchased, on the 15th of July 
2008, a 6.2 sq.m. plot of land in Budapest, planned, according to the current 
zoning, to build 183 units with projected proceeds of approximately 10 million 
Euro, with a projected cost of 8.35 million Euro. The Company is in the process 
of obtaining building permissions and is also currently negotiating banking 
finance. Once the building permissions are granted, in conjunction with the 
banking finance, the Company plans to start the project. 
 
 
 
Shaul Lotan, Chairman of Nanette and Oscar Kazanelson, Chief Executive, 
commented: 
"Nanette proves again to the market and to its investors, that despite the tough 
market conditions and the world financial crises, it continues to find new 
partners that are confident in its ability to develop new projects in the 
region". 
23rd April, 2009 
 
Enquiries: 
+----------------------------+---------------------------+ 
| Nanette Real Estate Group  |                           | 
+----------------------------+---------------------------+ 
|                Shaul Lotan |          + 31 20 778 4141 | 
|                            |          + 48 606 141 201 | 
|                Eyal Keltsh |                           | 
|                            |                           | 
+----------------------------+---------------------------+ 
| Global Equity IR           |                           | 
+----------------------------+---------------------------+ 
| Amira Bardichev            |       [phone] | 
+----------------------------+---------------------------+ 
| KBC Peel Hunt              |                           | 
+----------------------------+---------------------------+ 
| Capel Irwin                |       [phone] | 
| Nicholas Marren            |                           | 
+----------------------------+---------------------------+ 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
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