Nanette Real Estate Group NV (AIM:NAT; TASE:NANT.B1) will sell half of the Albert Ingatlan kft, a project company in Budapest for 250,000 forint (€833) to an unnamed buyer. The buyer will also provide a €893,000 owner's loan, amounting to about half of the total owner's loan to the project company.
Nanette will continue to own the other half of the company and 52% of the voting rights in it.
Albert Ingatlan owns a 6,200-square meter lot, zoned for 183 apartments, which it bought in July 2008. Nanette estimates the investment in construction at €8.35 million and the gross proceeds at €10 million. The company is currently seeking the necessary building permits and financing for the project.
Nanette's controlling shareholders are Olimpia Real Estate Holdings Ltd. (TASE: OLMP) and Meshulam Levinstein Contracting and Engineering Ltd. (TASE:LEVI). Nanette's share rose 5% by midday on London’s Alternative Investment Market (AIM) to ₤0.315, giving a market cap of ₤54 million. The share is still worth less than half of its 52-week high of ₤0.71. Olimpia's share rose 1.2% by midday to NIS 3.60, while Levinstein's share was unchanged at NIS 34.50.
Published by Globes [online], Israel business news - www.globes-online.com - on April 23, 2009
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