Engel East Europe N.V.

Discussions re sale of project

Engel East Europe N.V. ('Engel East Europe' or 'the Company'), the AIM-listed Central and Eastern European ('CEE') property developer (EEE:L), is pleased to announce that it is at an advanced stage of negotiation to sell the Panorama project in Bulgaria.

Further details will be announced in due course.

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Enquiries:

Engel East Europe N.V.                                             Tel: +31 20 778 4141

Sam Salman                    

Samuel Hibel                    

Libertas Capital Corporate Finance Limited    Tel: +44 (0) 20 7569 9650

Sandy Jamieson    

Bankside Consultants                                                 Tel: +44 (0) 20 7367 8888

Simon Bloomfield

Andy Harris