“NEPI is pleased to announce that it has closed its book build announced earlier today, 8 April 2014. In light of strong demand, the amount of capital to be raised was increased to ZAR1.16 billion (approximately EUR80 million). At this level, the book was significantly oversubscribed. The new NEPI shares to be issued pursuant to the book build process have been priced at ZAR83.50 per share, a 2.1% discount to the 30-day volume weighted average price and a 5.2% discount to the previous closing price as at Monday, 7 April 2014. The book build was not open to investors in Romania,” NEPI said in a statement sent Tuesday to the Bucharest Stock Exchange.
According to the statement, a total of 13,848,743 new NEPI shares are expected to be issued and list on Thursday, 17 April 2014.
NEPI said in a statement earlier Tuesday it wanted to raise approximately EUR60 million through a book build and reserved the right to close the book build at any time.
In February, NEPI got a EUR20 million loan from Garanti Bank to refinance its investment in a shopping mall in Galati, opened at the end of last year. Financing was granted for a five-year period.
NEPI, the most active investor and developer on the Romanian real estate market in recent years, has properties worth EUR1.041 billion in Romania, from EUR624.413 million at the end of 2012.
The investment fund has a shopping center portfolio exceeding 200,000 sqm on the local market and is currently working on three more retail projects: Mega Mall Bucharest, Vulcan Strip Mall Bucharest and Targu Jiu Shopping City.
NEPI was the first property fund listed on the Bucharest Stock Exchange, on a dedicated segment for real estate investment trusts (REITs). The fund is also listed in Johannesburg and London.
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