New Europe Property Investment (NEPI) is running a new equity raising of about 100 million euro through an accelerated bookbuild conducted on the Johannesburg Stock Exchange and the London Stock Exchange, after last month the South African investment fund attracted approximately the same amount in another book build. The funds obtained will be used to finance the recently announced acquisition of Promenada Mall, according to a notification sent to the Bucharest Stock Exchange.
As the company had already announced, the transaction completed in late-October was valued at 148 million euro. Any extra funds will be allocated to NEPI’s future development and expansion pipeline or acquisitions.
The equity raising is addressed to qualifying investors, as defined by the JSE Listings Requirements, who can choose to subscribe for ordinary shares either on the JSE register in Rands or on the AIM register (on the LSE) in Euros.
Macquarie First South Capital Proprietary Limited and Java Capital are acting as joint bookrunners and joint lead managers for the equity raise.
NEPI has continued expanding its commercial property portfolio in 2014, the most recent acquisition concerning Promenada Mall, a project developed by Raiffeisen Evolution. Additionally, the investment fund has completed the acquisition of approximately 1.2 hectares of land adjacent to the Promenada Mall with an existing office structure that is undergoing demolition. According to a company informing, NEPI intends to use the land for a mixed-use development – the expansion of the Promenada Mall integrated with an A-Class office building.
In Romania, the investment fund runs development or extension projects of nearly 560 million euro with a total GLA on completion of nearly 255,000 sqm, according to the information displayed on its website.