Engel Europe to build $90m Kiev mall

Engel Europe Ltd. (TASE: ENGR1 ,ENGR5) has bought a 2.6-acre lot in Kiev for $6.8 million on which it plans to build a 65,000-sq.m. mall for $90 million. This is the company�s sixth project in Ukraine.

Engel Europe reportedly plans to build a portfolio of at least ten malls in Ukraine and then float its Ukrainian business on a European bourse, probably the London Stock Exchange. Ukraine has attracted heavy investment by Israeli real estate companies since the Orange Revolution led to a substantial improvement in the country�s economy.

Engel Europe is part of Lagna Holdings Ltd. (TASE;LGNA), controlled by Boymelgreen Capital Ltd. (TASE:BMGN) through Azorim Investment, Development and Construction Ltd. (TASE: AZRM).

Published by Globes [online], Israel business news - www.globes.co.il - on May 13, 2007