Last week, NEPI raised approximately 1.4 billion South African rand (some EUR100 million) in an accelerated book build process conducted on the Johannesburg Stock Exchange.
“The net proceeds of the book build are intended to be used partly for the repayment of bank borrowings due in the next 12 months (EUR50 million) and the balance to fund yield enhancing investment opportunities in direct property (EUR49.5 million),” NEPI said.
“However, there are no firm commitments at the date of this announcement to deploy the proceeds which will be received from the book build,” it added.
NEPI 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.