“The equity raise will be offered to selected investors through an accelerated book build process and is subject to a minimum application of R1 million per investor,” NEPI said in a call to its shareholders.
It said the book build opened earlier and may close at any time thereafter.
“Given that the shares will be issued under NEPI’s general authority, the accelerated book build is only open to public shareholders as defined in the Johannesburg Stock Exchange listings requirements,” the fund said.
New Europe Property Investment owns 41 properties with a total value estimated at EUR445 million, most of them in Romania. In 2012, the fund reported a 25% increase in its rental income to over EUR40 million. Net profit soared 76% to EUR33.1 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 4% at 24 lei (EUR5.46) a share in Bucharest, valuing the company at EUR808 million. (EUR1=RON4.3806)