The fund had planned to raise EUR80 million at the accelerated book build, which was launched at 09:00 hours today (South African time).
“In light of strong demand, the amount of capital to be raised was increased to approximately ZAR1.4 billion ,” NEPI said in a statement. It said the offer was significantly oversubscribed.
The proceeds will be used to partially fund NEPI’s future development and extension pipeline, as well as acquisitions.
The new NEPI shares to be issued pursuant to the book build process have been priced at ZAR95.50 per share, the fund said.
New Europe Property Investment owns properties with a total value estimated at EUR1.17 billion, most of them in Romania. In the first half of 2014, the fund reported a 60% increase in its rental income to over EUR30 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.
Friday, NEPI closed down 2.41% at 32 lei (EUR7.21) a share in Bucharest. (EUR1=RON4.4336)