ABL Ablon

    


Ablon Group



ABLON GROUP ACQUIRES A PROPERTY IN BUDAPEST FOR DEVELOPMENT INTO A LUXURY
BOUTIQUE HOTEL

Ablon Group Limited ("Ablon" or "the Company"), a leading real estate owner and
developer in Central and Eastern Europe, today announces that the Company has
completed the acquisition of a 5,409 square meter building in Budapest with the
intention of converting it into a 74 bedroom luxury boutique hotel for a total
development cost of EUR 11 million. Work on the development is expected to be
completed towards the end of 2008.

Located in the 6th district on the Pest side of Budapest, the property is part
of a historical residential area with traditional retail units on the ground
levels of the site. The development lies on the border of Budapest's historic
downtown and the dynamic 13th district, opposite the planned new Government
Quarter. Budapest's biggest shopping centre (Westend) and the West Railway
Station are also in close proximity.

Uri Heller, Founder and Chief Executive of Ablon, commented: "We are very
pleased to announce the development of our fifth hotel in Budapest, which
further strengthens our portfolio of high-end properties in the most attractive
and thriving cities in Central and Eastern Europe. While Budapest remains one of
Central Europe's most dynamic real estate markets, and continues to be a key
market for Ablon, the Group continues to look for high quality office, retail
and residential developments in all of Central and Eastern Europe's key
markets."

For further information, please contact:

Ablon Group Limited                            Shared Value Limited
Daniel Avidan, CFO                             Nicolas Duperrier
Tel. +36 1 225 6600                            Tel. +44 (0)20 7321 5010
                                               ablon@sharedvalue.net

Credit Suisse Securities (Europe) Limited      ING
Chris Byrne / Richard Probert                  Aur�lie Barry
Tel. +44 (0)20 7888 8888                       Tel. +44 (0)20 7767 6572

ABOUT ABLON GROUP

Founded in 1993 in Budapest (Hungary), Ablon Group has properties at 27different
locations split into 50 different projects or phases, of which there are 13
completed projects and 22 development projects in Budapest, Prague and
Bucharest. Its portfolio comprises a diversified mix of office, residential,
retail, logistics and hotel developments valued at EUR 540.7 million by King
Sturge, an independent valuation firm, as at 30 June 2007. Ablon has to date
approximately 119,100 square metres of existing and income generating office and
retail assets (at 11 locations) in Budapest and Prague, with a significant
development land bank comprising a further 991,900 square metres in the next
five years (at 22 locations) in Budapest, Prague and Bucharest. Ablon's shares
are traded on the AIM market of the London Stock Exchange under the ticker
'ABL'.

Grafico Azioni Ablon (LSE:ABL)
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Da Giu 2024 a Lug 2024

Grafico Azioni Ablon (LSE:ABL)
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