Monday, February 11, 2008

New Europe Property says invests further 46.3 mln eur in Romania

LONDON (Thomson Financial) - New Europe Property Investments PLC said it made a further investment of about 46.3 mln eur in Romania on concluding a sale and purchase agreement to acquire two companies in that country.

Of the total purchase price, 42.3 mln is payable on completion, and the balance is payable on the satisfaction of certain conditions being met by the vendor, Central Eastern European Real Estate Shareholdings BV, part of the Avrig 35 Group.

It said the companies - General Investment SRL and General Building Management SRL - together own a portfolio of 18 properties, and expects the annual net operating income generated by the properties to be about 3.6 mln eur.

New Europe Property Investments PLC said it made a further investment of about 46.3 mln eur in Romania on concluding a sale and purchase agreement to acquire two companies in that country.

Of the total purchase price, 42.3 mln is payable on completion, and the balance is payable on the satisfaction of certain conditions being met by the vendor, Central Eastern European Real Estate Shareholdings BV, part of the Avrig 35 Group.

It said the companies - General Investment SRL and General Building Management SRL - together own a portfolio of 18 properties, and expects the annual net operating income generated by the properties to be about 3.6 mln eur.

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