New Europe Property Investments (NEP‚ Nepi) said on Monday it planned to raise R1.14bn through the issue of new ordinary shares.

The proceeds of the equity raise would be used to partially fund the company's future development and extension pipeline as well as acquisitions.

Nepi focuses on shopping centres in eastern Europe‚ with assets primarily in Romania. Aside from the JSE‚ the company is also listed on London's AIM and the Bucharest stock exchange. The equity raise would be offered to qualifying investors through an accelerated book-build process.