NEPI buys majority stake in Timisoara City Business Center developer

South African investment fund New Europe Property Investment NEPI has taken over the majority stake in ModaTim Investment Properties, the developer of the City Business Center CBC in Timisoara. Businessman Ovidiu Sandor, the initiator of the project, will continue to administer the project untill 2015, and will be in charge with managing the development of buildings D and E from the project.

City Business Center Timisoara is a class A office projects with five buildings having a total rentable are of 43,000 sqm. Buildings A, B and C, totaling 25,000 sqm of rentable space are currently in use, while the other two are set to be finalized in 2012 and 2013.

Jones Lang LaSalle was the real estate advisor in the project, NNDKP provided the legal consultancy, and PwC was the financial and fiscal consultant in the project, all on the seller’s side.

NEPI has been active in Romania since its launch in 2007. Some of its recent investments are the acquisition of Floreasca Business Park (December 2010), the acquisition of the remaining part of the Auchan Retail Park in Pitesti (May 2011), the completion and opening of a leisure extension of Promenada Mall Braila (April 2011) and the completion of a refurbishment of an office building in Brasov (June 2011).  NEPI is currently listed on the main board of the Johannesburg Stock Exchange (South Africa) and the AIM market of the London Stock Exchange and, starting from June 2011, is also listed on the Bucharest Stock Exchange.  The group recently announced a EUR40 million underwritten rights issue that is expected to complete in December 2011.

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