New Europe Property Investments raises R695 million

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New Europe Property Investments (NEP) raised R695m via an accelerated book build on Thursday‚ which was substantially oversubscribed. File Photo: Nepi CEO Martin Slabbert New Europe Property Investments (NEP) raised R695m via an accelerated book build on Thursday‚ which was substantially oversubscribed. File Photo: Nepi CEO Martin Slabbert

New Europe Property Investments (NEP) raised R695m via an accelerated book build on Thursday‚ which was substantially oversubscribed.

The new NEPI shares were priced at R77 each‚ a 3.6% discount to the five-day volume weighted average price and a 3.8% discount to Wednesday’s R80 closing price. Nine-million new NEPI shares will be listed on the JSE next Friday.

The company wants to increase its cash reserves so it can take advantage of potential further acquisition and development opportunities.

NEPI is exploring three possible acquisitions‚ and says it may commit to and complete some or all of them before the announcement of its 2013 year-end results.

These potential acquisitions‚ with a combined potential gross market value of about EUR170m‚ comprise the acquisition of a shopping mall with extension potential in a major Romanian city and land for the development of a new regional shopping mall‚ also in a major Romanian city‚ as well as an interest in a shopping mall in a central-eastern European capital city outside Romania‚ it said.

The equity raising will be implemented through an accelerated book build process‚ which opened on Thursday morning.

Macquarie First South Capital acted as the sole bookrunner.


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