- Rental income amounted to €97,000. Operating loss was €759,000 and total assets were €89,527,000.
- Other operating income of €2,431,563 was realised in the quarter as a result of the increase in the fair value of Investment Properties owned.
- One new plot was purchased in the period:4,641 sqm in Ovidiu purchased for €350,000 - suitable for residential development
- Additional agricultural land has been acquired:
- 195,305 sqm of agricultural land purchased in Ovidiu for €330,000
- Pre-sale agreement signed for 30,000 sqm plot on Mamaia beach, Constanta
- CEO of RomReal and Westhouse Group, Petter Salomonsen recruited during the period with start date May 2007
- The development team was greatly enhanced by the recruitment of a Head of Development for Westhouse Group, Andrei Popovici and Theodor Raducan, a UK RIBA-qualified architect, together with 3 other experienced individuals
- Process ongoing to source strategic yielding assets in Bucharest
- Continual discussions with a number of vendors regarding plots of land in Constanta and Bucharest
- Due diligence procedures are ongoing to prepare the Company for a listing on the Oslo Bors
- RomReal Invest Ltd changed its name to RomReal Ltd
The full report (including tables) can be downloaded from the following link:
