€13.5m sale of prime residential site in northern Bucharest

European Future Group has realized €13.5 million from the sale of over 48,000 square metres of residential land in Berivoiului to the north of Bucharest city centre. The land was acquired at €110 per sq.m. in January 2007 and secured planning for residential development of over 60,000 square metres prior to its disposal, in line with its strategy of delivering significant value to its equity partners.

Jeff Kirby, Chief Executive Officer of European Future Group, comments: “Sale of this site has achieved a 300% leveraged return for our equity partners in little more than a year, and reflects the strength of demand for well-located development opportunities in this fast expanding city. It also gives us great confidence in anticipating strong demand for both the commercial and residential elements of our nearby Jandarmeriei project.”