NEPI raises 40 million Euro in underwritten rights issue

The rights issue is underwritten, which means that is guaranteed to be successful. “The fact that we were able to agree an underwriting agreement for our rights issue at a premium to net asset value per share illustrates confidence in NEPI to continue to perform well in the execution of its strategy to provide above market growth in cash dividends to shareholders in difficult economic circumstances.  Funds raised will be used for further acquisitions and investments in Romania,” said Martin Slabbert, CEO of NEPI.
New Europe Property Investments plc is the holding company of an actively managed group of companies established to invest primarily in the high quality office, retail and industrial property market mainly in Romania, where the group is active since its launch in 2007. The South-African investment group’s portfolio in Romania includes 27 properties and is focused on acquiring properties with reliable multinational tenants generating Euro based income.
The most recent investments of the group are Floreasca Business Park (December 2010), the remaining part of the Auchan Shopping Center in Pitesti (May 2011), an extension of Promenada Mall Braila (April 2011), the completion of a refurbishment of an office building in Brasov (June 2011) and the acquisition of retail development land in Ploiesti and Brasov (first quarter of 2011).
Among the most recent achievements of the group, as reported in the 2010 Annual Report following the year end, is acquiring a land adjacent to Carrefour property in Ploiesti and reaching an agreement with the retailer to redevelop the combined properties into a 50,000 sqm regional shopping centre.
The group is listed on the main board of the Johannesburg Stock Exchange (South Africa) and the AIM market of the London Stock Exchange. On 20 June 2011, the company was also admitted to trade on the regulated market of the Bucharest Stock Exchange.