NEPI Portfolio Includes 33 Properties Worth EUR313.7M - Prospectus

05.19.2011 By Andrei Circhelan

South African property investment fund New Europe Property Investments (NEPI) has a portfolio which includes 33 properties worth a total EUR313.7 million, according to the company’s prospectus for admission to trading on the Bucharest Stock Exchange.

The group has 27 retail, office and industrial properties in Romania, evaluated at more than EUR297 million at the end of 2010.

The properties held by the company had a total rentable surface of 214,000 sqm, an occupancy rate of 98.2% and an average annual yield of 8.3% at the end of last year.

The retail portfolio includes 11 assets with an overall surface of 101,000 sqm, evaluated at EUR148.5 million, representing 50% of the gross annual revenue from rental in Romania and Germany on December 31, 2010.

In Romania, the group holds six retail assets, with a value of EUR135 million, including Promenada Mall Braila and Retail Park Auchan Pitesti.

NEPI holds 20 properties on the office space segment, with a total surface of 84,500 sqm, evaluated at EUR145.4 million. This portfolio represents 44% of the average gross annual revenue from rents registered at the end of 2010. Most office properties are in Romania, with a market value of EUR142.3 million. The Romanian office space portfolio includes Floreasca Business Park. Only one of the office buildings is in Germany.

The industrial property portfolio includes two assets, evaluated at EUR17.3 million and representing 6% of the gross annual rental revenue.

The group had loans cumulating EUR177 million at the end of December last year, mostly used for acquisitions in Romania. The loans are due repayment in 2013-2014.

NEPI is associated with South Africa's top realty group, Resilient Property Income Fund.