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Growthpoint Properties' first foray into Eastern Europe receives a mixed reaction from one South African fund manager.
Rockcastle Global Real Estate is on track to become a fund split 50-50 across direct and indirect real estate.
New Europe Property Investments declares a distribution of 26.79 euro cents per share in 2013, an improvement of 15% over 23.29 euro cents in 2012.
New Europe Property Investments (NEPI), which focuses on eastern Europe, will be taking a secondary listing on the JSE’s AltX next month
Construction company Group Five announced that its infrastructure concessions business, intertoll, was part of a consortium that had been awarded the R11 billion M6 Phase 3 Motorway Project in Hungary.
Intertoll held 10% of the concession company and would lead the operations and maintenance activities for the project, it said.
Revenue was expected to start flowing through to Intertoll from the beginning of next year, with full-scale operations beginning in 2010.
Intertoll’s partners on the project are Strabag of Germany, France’s Colas and John Laing Infrastructure from the UK.
The 78km dual carriageway project includes the construction and maintenance of 55 structures and four tunnels totalling more than 3km. The 30-year concession project reached financial close on November 21.
Intertoll was part of Group Five’s infrastructure concessions business and offers toll system design, procurement, implementation and operation, together with related services such as routine road maintenance.
The business has equity interests in two other service concessions in Eastern Europe and operates toll roads in SA.
“Since joining the European Union in 2004, the transit traffic through Hungary from Romania and Bulgaria has increased more than 30%.
Hungary has ambitious plans to develop its road infrastructure under an aggressive timeline, and the M6 Phase 3 is an important part of this plan,” said head of Group Five Infrastructure Concessions Eric Vemer.
Vemer said that the project reinforced and added depth to Intertoll’s position in Hungary and the group’s growing profile in eastern Europe.
The project was tendered and closed in record time, with pre-qualifications announced in May, tenders submitted in September, the preferred bidder chosen in October and financial closure last month.
Group Five last month said it had further expanded its manufacturing and construction materials portfolio by acquiring Bernoberg, a small niche manufacturer of cement extender, for R32m.
Early this year, the group said that it planned to increase its revenue from R5,8 billion to R7,3 billion by the end of the 2008 financial year next June.
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