22 December 2009 

EQUEST BALKAN PROPERTIES PLC

("EBP" or the "Company") 

Sale of Apollo

EBP announces that it has today entered into an agreement for the sale of its wholly owned subsidiary, Elgin BV, the owner of Apollo, EBP's mixed use development site in Belgrade, to Sunville Corporation N.V. Under the terms of the agreement, the total consideration payable in relation to the development, subject to any adjustment required following completion accounts, amounts to Euro 1.9 million in cash, plus the assumption of all debt amounting to approximately Euro 20.8 million, to give a total consideration of approximately Euro 22.7 million.  The cash proceeds will be used to strengthen working capital.  At 30 June 2009, the Directors valued the investment at approximately Euro 25 million, reflecting external valuation opinion at that time.  Completion of the sale, following finalisation of year end accounts, is expected in February 2010. 

-ENDS-

 Further information, please contact:

Arbuthnot Securities Limited (NOMAD and broker)

+44 (0)20 7012 2000

Alastair Moreton

Hannah Pearce

Sunville Corporation N.V. 

+381 11 249 3356

Vladan Zivulovic

IOMA Fund and Investment Management Limited (Administrator to EBP)

+44 (0)1624 681250

Graham Smith