Central & Eastern European residential developer Nanette Real Estate has sold a 50% share in its proposed Nanette City Home Kft scheme in The AIM-listed developer, which now holds 52% of the voting rights in the project company, sold the stake for £7,200 (Hungarian Forint 2,250,000). The investor also provided Nanette City Home Kft with a £1.5m (€1.8m) loan, which represents 50% of Nanette’s loan to the project. It is currently seeking a building permit and is in negotiation with several banks to secure banking finance. Shaul Lotan, chairman of Nanette, and Oscar Kazanelson, chief executive, said: “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.”
Central & Eastern European residential developer Nanette Real Estate has sold a 50% share in its proposed Nanette City Home Kft scheme in Budapest, Hungary.
The AIM-listed developer, which now holds 52% of the voting rights in the project company, sold the stake for £7,200 (Hungarian Forint 2,250,000). The investor also provided Nanette City Home Kft with a £1.5m (€1.8m) loan, which represents 50% of Nanette’s loan to the project.
Nanette Home City will comprise 400 flats on the 1.8 acre (7.2 dunam) site. The projected cost is expected to be £17.4m (€20.2m) and sales proceeds are anticipated to be £21.5m (€25m).
It is currently seeking a building permit and is in negotiation with several banks to secure banking finance.
Shaul Lotan, chairman of Nanette, and Oscar Kazanelson, chief executive, said: “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.”
annabel.dixon@rbi.co.uk
