S.African NEPI To Float In Bucharest Early May

04.20.2011 By Florentina Dragu

South-African investment fund New Europe Property Investment (NEPI), owner of several real estate projects in Romania, could float its shares in Bucharest early May, the market operator said Wednesday.

"The listing prospectus was sent to the securities commission for approval and I believe NEPI will be floated at the beginning of May," said Valentin Ionescu, general manager of the Bucharest Stock Exchange.

NEPI's listing was initially scheduled for March, but the process was delayed due to the complexity of the related prospectus.

The prospectus was drafted by brokerage houses Intercapital Invest and BCR.

The South-African fund will be the first property fund listed on the Bucharest bourse, on a dedicated segment for real estate investment trusts (REITs).

NEPI owns around 30 properties, most of them in Romania. In 2010, the fund bought properties on the local market worth EUR50 million.

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