Property developer Engel East Europe N.V. said that it has signed a memorandum of understanding to take a stake in the planned development of several thousand residential units in ‘a central location in Romania’.
A due diligence process is scheduled to start within the next few days and the company and the sellers will enter into a definitive agreement regarding the project following its completion.
Signing of the final agreement is subject to the completion of further due diligence by the company, which will also start within the next few days. Executive chairman Jacob Engel said: ‘We are delighted to announce this latest development project, which we believe is one of the largest projects in Romania with projected scope of sales of several hundred million Euros.
‘Entering Romania - a promising market - is a result of our long involvement in the CEE residential property market and our intense analysis of the potential markets in the region,’ he added.
The project will be the company’s first residential development in Romania and will be built in several stages.