NEPI fund offers EUR 46.4 million for owner of Atrium Malls

On the Romanian market, Carpathian is involved through Atrium Centers in developing four commercial centers in Arad, Cluj-Napoca, Satu Mare and Baia Mare, totalling an investment of EUR 300 million.
Carpathian, previously known as Dawnay Day Carpathian, said it was evaluating the sale of the entire company in an attempt to maximize value for shareholders. Last year, the fund appointed Hawkpoint Partners to assist it in undertaking a strategic review of the company, along with Collins Stewart Europe as its nominated adviser and sole broker.
In February last year, NEPI bought a portfolio of 18 properties in Romania from Central Eastern European Real Estate Shareholdings BV, a company of Avrig 35 Group, in a transaction worth EUR 46 million.
Before the deal with Avrig, New Europe Property Investments PLC, which is managed by NEPI, made two other investments in 2007. The first was a portfolio of four properties located in Bucharest, Iasi, Bacau and Brasov, for a total sum of EUR 11.8 million.
The properties were acquired from Flamingo International and Flanco International at a composite yield of 8.6 percent, according to NEPI's official data.
The second acquisition, an industrial warehouse and office facility located in Rasnov, was concluded in December 2007 for EUR 15.7 million. The property was acquired from Hi-Lo Sisteme de Depozitare SRL at a yield of 7.75 percent.
Magda Purice