New Europe Property to raise R465m through share issue

New Europe Property Investments (Nepi) CEO Martin Slabbert.

New Europe Property Investments (NEPI‚ NEP) is to raise about R465m (EUR35m) through the issue of new shares.

The company said on Monday that the equity raising was subject to pricing it deemed acceptable‚ and would be completed as part of a vendor consideration placing under the company’s general authority to issue shares for cash approved by shareholders at the annual general meeting held in May.

The purpose of the equity raising is primarily to help fund recently announced acquisitions‚ including a 70% stake in the development known as Mega Mall‚ land for the development of the Vulcan Value Centre and the shares of the joint venture partner of the Vulcan Value Centre.

The equity raising will be implemented through an accelerated book-build process.

Pricing and allocations are expected to be announced no later than the morning of Tuesday‚ September 10‚ with settlement anticipated to occur on Friday‚ September 13.

Macquarie First South Capital is acting as the sole bookrunner.