Friday, August 31, 2007

Atlas Estates says Voluntari land in Romania gets substantial valuation lift

LONDON (Thomson Financial) - Atlas Estates Ltd said it has received an updated valuation for its 100 pct holding in the Volantari land in Romania, which comprises of three plots of land, with a total surface area of 99,116 square metres.

The property investment company said Voluntari land is now valued at 29.7 mln eur, representing around 300 eur per square metre of land, compared to the previous valuation of around 90 eur per square metre.

Amos Pickel, CEO of Atlas Management Company Ltd said, 'This valuation confirms the quality of this land, the rejuvenation of the area in which it is located and the massive growth of the Romanian market.'

Atlas bought 60 pct of the land in June 2006 for 90 eur per square metre, and in July 2007 bought the rest for approximately 216 eur per square metre.

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