The equity raise will be offered to qualifying investors through an accelerated book build process conducted on the Johannesburg Stock Exchange, NEPI said in a filling.
It said the book build opened earlier and may close at any time thereafter.
The proceeds will be used to partially fund NEPI’s future development and extension pipeline, as well as acquisitions.
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)