NAT Nanette

 

TIDMNAT 
 
RNS Number : 3628X 
Nanette Real Estate Group N.V. 
13 August 2009 
 

Nanette Real Estate Group NV 
 
 
"Nanette" or "the Company" 
New Investment Partner in Budapest, Hungary 
 
 
Nanette Real Estate Group, the Central & Eastern European residential developer, 
is pleased to announce that on 12 August 2009, the Company and its 100% 
subsidiary (the "Daughter Company") signed an agreement with a nonrelated third 
party, (the "Investor"), to sell 50% of the Daughter Company holdings in Nanette 
City Home Kft (the "Project Company"). Accordingly, it has agreed that the 
Daughter Company will continue to hold 52% of the voting rights in the Project 
Company. 
 
 
Following the transaction, the Daughter Company's holdings were reduced in the 
profit rights of the Project Company from 100% to 50%. The transaction will 
result in an immaterial profit to the Daughter Company and to Nanette. 
 
 
The Project Company, incorporated in Hungary, is holding a plot of land sized 
7.2 dunam in Budapest. According to the existing zoning, the Project Company may 
build 400 flats with projected sale proceeds of approximately Euros 25M with a 
projected cost of Euros 20.2M. The Project Company is in a process of obtaining 
a building permit. The Project Company is actively seeking banking finance and 
is in negotiation with several banks. Once the building permit is granted, and 
subject to receipt of the banking finance, the Project Company is planning to 
start the project. 
 
 
The Investor purchased the shares for a consideration of Hungarian Forint 
2,250,000. 
 
 
In addition the Investor provided the Project Company a Shareholder loan of 
Euros 1.8M, which represents approximately 50% of the owner's loan that the 
Daughter Company provided to the project. The agreement includes provisions that 
govern the relationship between the two parties as joint shareholders in the 
Project Company. 
 
Shaul Lotan, Chairman of Nanette and Oscar Kazanelson, Chief Executive, 
commented: 
"Despite the tough market conditions and the world financial crises, Nanette 
continues to team up with new partners that are confident in its ability to 
develop new projects in the region". 
 
 
 
 
 
 
 
 
 13th August, 2009 
Enquiries: 
+--+-------------------------+----------------------+ 
| Nanette Real Estate        |                      | 
+----------------------------+----------------------+ 
|  | Shaul Lotan             | + 31 20 778 4141     | 
+--+-------------------------+----------------------+ 
|  | Eyal Keltsh             | + 48 606 141 201     | 
+--+-------------------------+----------------------+ 
| Global Equity IR           |                      | 
+----------------------------+----------------------+ 
|  | Amira Bardichev         | 07956 206270         | 
|  |                         |                      | 
+--+-------------------------+----------------------+ 
| KBC Peel Hunt              |                      | 
+----------------------------+----------------------+ 
|  | Anthony Bell            | 020 7418 8900        | 
|  |                         |                      | 
+--+-------------------------+----------------------+ 
 
 
 
 
 
 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 MSCCKBKPKBKBQFD 
 

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