“Alexandru Morar and Tiberiu Smaranda are to join NEPI’s board of directors as executive directors with immediate effect,” the fund said in a statement.
Alexandru Morar and Tiberiu Smaranda have been working with the fund since 2007 and 2009, respectively.
Prior to joining NEPI, Morar worked for Deloitte Romania, while Smaranda for Flamingo Group, one of the leading white goods retailers in Romania.
New Europe Property Investment owns 41 properties with a total value estimated at EUR445 million, most of them in Romania. In 2012, the fund reported a 25% increase in its rental income to over EUR40 million. Net profit soared 76% to EUR33.1 million.
NEPI is the first property fund listed on the Bucharest bourse, on a dedicated segment for real estate investment trusts (REITs). The fund is also listed in Johannesburg and London.
Monday, NEPI closed flat at 30 lei (EUR6.7) a share in Bucharest. (EUR1=RON4.4711)