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Engel to build, sell Bucharest housing units for $132 mln

Engel Eastern Europe NV agreed to buy property in Bucharest on which it will build 1,000 housing units and eventually sell for 560 mln shekels ($132 mln).

The company, a unit of Engel Resources and Development Ltd., is also in talks to acquire more property in central and eastern Europe, Engel Resources said in a statement to the Tel Aviv Stock Exchange today. Haifa, Israel-based Engel, which issued its shares on the London-based Alternative Investment Market in December 2005, has since invested in 11 projects in eastern Europe, from which it earned 3.3 billion shekels, the company said in an e-mailed statement. „Romania is one of the goals of Engel Eastern Europe in order to expand its activity, because of the great economic potential in the country,” Yaakov Engel, chairman of Engel Resources, said in the statement. Shares of Engel Resources rose as much as 2.20 shekels, or 1.4%, to 164.50 shekels, and traded at 164 shekels at 10:31 a.m. in Tel Aviv. (Bloomberg)