Orascom Development, a Swiss/Egyptian listed property group, has entered into an agreement with the Government of Montenegro to acquire a 90% stake in Lustica Development Podgorica, the developer of a 6.8 million m[sup]2[/sup] site in Tivat on the Mediterranean's Traste Bay. The State of Montenegro is retaining the remaining 10% of the project, Orascom added. The financial details of the transaction were not disclosed.
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