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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
North Real | LSE:NRE | London | Ordinary Share | GB00B17PFQ50 | ORD EUR0.01 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.01 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:8380Q North Real Estate Opportunities Fd 07 February 2007 7 February 2007 NORTH REAL ESTATE OPPORTUNITIES FUND LIMITED Trading Update North Real Estate Opportunities Fund ("NRE" or "the Company") is pleased to provide shareholders with the following update on the Company's positive progress and advise that full commitment of the remaining funds is expected by the end of June 2007 through completion of remaining pipeline transactions currently under due diligence. European Retail Park Sibiu In November 2006 the Company announced it first transaction, the Euro83 million purchase of the 50,000 sqm European Retail Park Sibiu, anchor - tenanted by Metro AG's Real Hypermarket, Austrian DIY retailer Baumaxx and Altex's Media Galaxy Electronics Superstore. A number of asset management initiatives are underway in Sibiu, including: * the addition of a 6,000 sqm leisure complex with a four screen multiplex cinema and 10-lane bowling alley. * the addition of a 5,000 sqm of retail space to accommodate new flag-ship international anchor tenants which will increase income and further improve tenant mix. Development of Suceava Shopping City In December 2006 the Company announced its second transaction, the development of the 50,000 sqm Suceava Shopping City, located in central Suceava in north eastern Romania. The retail park is anchor - tenanted by a Carrefour Hypermarket and a Mobexpert Furniture Superstore. The Company has since signed Heads of Terms with two additional anchor-tenants, Austrian DIY retailer Baumaxx and Altex's Media Galaxy Electronics Superstore. Site preparation has been completed, including the demolition of the pre-existing factory, with structural construction commencing on schedule in March of 2007 and the shopping centre opening to the public in Easter 2008. Site Acquisition, Chisinau, Republic of Moldova The Company has acquired a well located site in Chisinau (pop. 750,000), capital of the Republic of Moldova, and is on track to launch the development of a mixed-use, retail shopping centre in the city centre. Further retail development pipeline identified The Company's Manager, following the interest of several of the Company's key anchor tenants, has identified a further pipeline for the development of a diversified network of institutional quality retail shopping centres anchored by leading international large-format retailers in neighbouring countries. -Ends- North Real Estate Opportunities Fund Ltd Alex Haidas +44 207 590 7600 Merlin Angus Urquhart +44 207 653 6620 Mobile +44 7787 504 447 Notes to Editors North Real Estate Opportunities Fund Ltd is a Guernsey based closed-ended investment company, investing in the commercial property markets of Central and Eastern Europe. The company is listed on the London Stock Exchange's AIM market and is managed by North Asset Management, with offices in London and Bucharest. The Fund's ticker is NRE. www.nreof.com North Asset Management is an independent alternative asset manager with a strong focus on the European time zone and in particular the opportunities available in peripheral Europe. Founded in July 2002, North brings together a highly respected team of professionals with an average prior experience of over ten years in the investment banking and management community. The company currently manages over $1 billion on behalf of its clients in hedge funds, real estate funds, discretionary mandates and CDOs. www.northllp.com This information is provided by RNS The company news service from the London Stock Exchange END TSTKGGGZGVFGNZZ
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