New Europe Property Investments plc (NEPI‚ NEP) will seek to raise about EUR35m or about R486m through the issue of new shares‚ it said on Thursday. The company wants to increase its cash reserves so it can take advantage of potential further acquisition and development opportunities.
NEPI is exploring three possible acquisitions‚ and says it may commit to and complete some or all of them before the announcement of its 2013 year-end results.
These potential acquisitions‚ with a combined potential gross market value of about EUR170m‚ comprise the acquisition of a shopping mall with extension potential in a major Romanian city and land for the development of a new regional shopping mall‚ also in a major Romanian city‚ as well as an interest in a shopping mall in a central-eastern European capital city outside Romania‚ it said.
The equity raising will be implemented through an accelerated book build process‚ which opened on Thursday morning. Macquarie First South Capital is acting as the sole bookrunner.
