NEPI seeks more acquisitions in Romania this year

Investment fund New Europe Property Investments (NEPI) has entered into a sale and purchase agreement for the part acquisition of a dominant retail park, with a call option on the remainder of it. “The transaction is subject to a number of conditions precedent, which are expected to be fulfilled by the end of February 2010,” stated a recent financial report by the investment fund.

The group is continuing to explore further investment and acquisition opportunities in Romania and is conducting various negotiations that are at different stages of advancement. It is currently negotiating the purchase of European Retail Park Focsani from owner BelRom after buying a similar retail park in Braila last year.

NEPI is also in the process of selling a 6,700-sqm office property in Constanta back to the vendor, according to the report. The fund had intended to get EUR 5.7 million from the sale, which was initially expected to be completed in May last year, according to the fund’s previous yearly report.

NEPI took out a EUR 113 million loan from KBC Bank last year and bought the Braila retail park for EUR 63 million, with the remainder of the loan being set aside for similar retail projects in Focsani and Bacau, the fund said at the time.

NEPI’s portfolio – 30 retail, office and industrial properties, of which 24 are located in Romania and the remainder in Germany – was valued at EUR 146 million at the end of last year. At the end of 2008, the fund’s property portfolio was valued at EUR 85 million in 29 properties. Its retail portfolio consists of 68,600 sqm and was valued at EUR 90 million. It includes ERP Braila, a 53,000-sqm retail center which was added to the portfolio last year. The Flanco portfolio, which it acquired in 2007, contains four Romanian retail assets: three street retail centers and a larger retail box.

Read more about

Modern system implemented in the Delayed Coking Unit at Rompetrol Rafinare

read more

Corina Saceanu