“The purpose of the Equity Raising is primarily to assist with the funding of recently announced acquisitions, comprising the acquisition of: a 70% stake in the development known as Mega Mall; land for the development of the Vulcan Value Center; and the shares of the joint venture partner of the Vulcan Value Center,” NEPI said in a statement Monday.
It also said the issue of new ordinary shares (Equity Raising) will be implemented through an accelerated book build process which opens Monday, September 9. Pricing and allocations are expected to be announced no later than Tuesday, September 10.
End-August, NEPI said it completed the acquisition of a 70% stake in the project aimed to develop shopping center Mega Mall, which is due to open by mid-2015.
In 2012, NEPI also teamed up with Canadian businessman Michael Topolinsky to develop a shopping center on a 7.7-hectare plot of land of former plant Vulcan. The project is due to be finished in the third quarter of 2013.
In the area of the National Arena stadium, NEPI and Austrian realtor Real 4 You will jointly develop a shopping mall with a lettable area of 70,000 square meters, which is due to open by mid- 2015. The total investment is estimated at EUR150 million.
NEPI is 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.