Real estate fund NEPI starts trading on BSE

Real estate fund New Europe Property Investments Plc NEPI has started trading on the Bucharest Stock Exchange BSE. This is the first listing of a real estate fund on the Bucharest stock exchange. The fund, which will trade under the NEP symbol, listed 76,933,734 shares with a nominal value of EUR 0.01. NEPI will be the first real estate fund listed on the Real Estate Investment Trusts REITs segment. NEPI’s retail portfolio includes 11 assets with a total surface of 101,000 sqm, evaluated at EUR 148 million, which is the gross annual revenue from rents at the end of December 2010. Its office portfolio includes 20 properties with a totoal surface of 84,500 sqm, evaluated at EUR 144.8 million, representing 44 percent of the gross annual revenue from rents at the end of December 2010. The fund’s industrial portfolio is made up of a 23,000 sqm industrial property in Rasnov and a 4,800 sqm logistics property in Bucharest. At the end of December 2010 the two properties had been evaluated at EUR 17.3 million, which represented 6 percent of the gross annual revenu from rents.