Nanette sells 50% of Budapest project

Nanette Real Estate Group NV (AIM:NAT; TASE:NANT.B1) has sold half of a project in Budapest held through project company Nanette City Home kft, whose name it did not disclose, for Hungarian Forint 2.25 million (about �8,000). The buyer will also assume half of the project's owner's loan, for a total of �1.8 million.

Nanette City Home owns a 1.8-acre lot, zoned for 400 apartments. Nanette estimate the cost of the project at �20.2 million and the sales proceeds at �25 million. The company is currently seeking financing.

Olimpia Real Estate Holdings Ltd. (TASE: OLMP) owns 32.6% of Nanette, Meshulam Levinstein Contracting and Engineering Ltd. (TASE:LEVI) owns 20.5%. Nanette's share was unchanged on London�s Alternative Investment Market (AIM) today at ₤0.185, giving a market cap of ₤31.8 million. Olimpia's share rose 12.9% to NIS 7.31 by midday on the TASE.

Published by Globes [online], Israel business news - www.globes-online.com - on August 13, 2009