Wednesday, February 28, 2007

Nanette Real Estate in advanced talks to buy plot in Romania for 4.05 mln eur

LONDON (AFX) - Central and Eastern European residential developer Nanette Real Estate Group NV said it is in advanced negotiations for buying an 18,000 sq metres plot in Bucharest, Romania, for a total 4.05 mln eur.

The company added an international investment fund, which had signed a memorandum of understanding to subscribe to 10 pct of Nanette shares at 85 pence each, has now decided to raise its investment to 15 pct at the same price.

Nanette also said it is in a preliminary stage of exploring the possibility of reorganising all its Polish portfolio under one holding company and/or issuing shares on the Warsaw Stock Exchange. tsk/slm

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