LCSR Lewis Char. (See LSE:RPF)

    Lewis Charles Romania Property Fund Limited (AIM: LCSR)
                                        
                 Acquisition of 99,000 square metres in Ploesti
                                        

The  Directors  of  the  Lewis  Charles Romania Property  Fund  Limited  ("Lewis
Charles" or "the Fund") today announced the acquisition of 99,000 square  metres
of  land at Ploesti in Romania for a total cost of approximately Euro 13.6 million.
The  site will be used to build an 86,000 square metre shopping centre, with the
potential  to accommodate a further 23,000 square metres of retail space  and  a
hotel  of  up  to  11,000 square metres in the future. The project  has  outline
planning  permission. Discussions are currently taking place with  a  number  of
potential anchor tenants for the project and construction is expected  to  start
in  March  2008. Magnolia SRL, a 100%-owned Romanian subsidiary company  of  the
Fund,  carried  out the acquisition. Ploesti is located about  40  km  north  of
Bucharest airport on the main road between Bucharest and Brasov. The town is  an
important  centre  of  the  Romanian oil refining, chemical  and  pharmaceutical
industries and is home to a skilled and relatively well-off workforce.

The  Fund has appointed Westhill Investments Ltd to manage the development.   An
announcement as to the composition of the consultant team will be  made  in  due
course.
Loraine  Pinel  and Mark Anderson, joint Fund Managers of Lewis Charles  Romania
Property Fund Limited, said "the project had great potential and we look forward
to updating the market when we have further information

For further information please contact

Conduit PR
Ed Portman
Leesa Peters             +44 (0) 207 429 6607 / +44 (0) 7733 363 501

Lewis Charles Securities
Loraine Pinel
Mark Anderson            +44 20 7456 9100/ +44 (0) 7876 560 787

Canaccord Adams
Mark Ashurst             +44 20 7050 6500

Grafico Azioni Lewis Char. (See LSE:RPF) (LSE:LCSR)
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Da Mag 2024 a Giu 2024

Grafico Azioni Lewis Char. (See LSE:RPF) (LSE:LCSR)
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Da Giu 2023 a Giu 2024