Engel East Europe, the Central and Eastern European residential property developer listed on the AIM segment of the London Stock Exchange, said it planned to discontinue non-core activities in Germany and Canada and would dispose of land holdings in these countries.
Engel East Europe, the Central and Eastern European residential property developer listed on the AIM segment of the London Stock Exchange, said it planned to discontinue non-core activities in Germany and Canada and would dispose of land holdings in these countries.
Engel said the decision comes after a strategic review begun in October 2007 and its stated strategy of focusing on high-end projects in Central and Eastern Europe. The company said it expected to dispose of its German and Canadian land holdings at a price below book value. As a result, financial accounts ended December 31, 2007 will now include an EUR 3.5 mln provision that was not initially expected. The company expects to announce its full 2007 results in March.
Meanwhile, Engel said it is continuing with the expansion of its high-end portfolio. In December 2007, it acquired land in Trioja, Prague, for 100 luxury apartments.
