Property developer Engel East Europe N.V. is reportedly negotiating a stake in a planned residential development in Romania, involving the construction of several thousand new residential units in Romania.

Executive chairman Jacob Engel said: "We are delighted to announce this latest development project, which we believe is one of the largest projects in Romania with projected scope of sales of several hundred million Euros.
"Entering Romania - a promising market - is a result of our long involvement in the CEE residential property market and our intense analysis of the potential markets in the region."