According to the two parties, the newly formed company becomes the biggest real estate investor listed in Central and Eastern Europe.
NEPI officials said the transaction was approved by NEPI and Rockcastle shareholders who acknowledge the value added resulted from the merger of the two companies, as well as the opportunity of accelerating the strategic objectives of growing and diversifying the portfolio.
Following the merger, NEPI stopped trading its shares on the Bucharest Stock Exchange and, starting July 12, 2017, the new company NEPI Rockcastle (NRP) is traded on Johannesburg Stock Exchange (JSE) and Euronext Amsterdam and has a market capitalization on listing of EUR6.1 billion.
The company focuses on holding, managing and developing commercial properties that are dominant on markets in Central and Eastern Europe, among which Romania (the largest real estate investor on the retail segment), Poland (the fourth largest investor on the reyail segment) and Slovakia (the second largest company on this), and boasting a strong foothold in Croatia, the Czech Republic and Serbia.
NEPI Rockcastle currently owns and manages 51 operational properties located mainly in six countries in Central and Eastern Europe, worth approximately EUR4 billion, as well as six developments under construction.
In December 2016, the real estate investment group NEPI and Rockcastle signed an agreement to merge their activities into a new entity, NewCo, registered in the Isle of Man, where NEPI is also registered.