MAS SETS SIGHTS ON EUROPEAN CAPITAL
MAS Real Estate will dedicate more than 80 percent of its development budget to opportunities in central and eastern Europe. The JSE-listed group that invests in Europe aims to grow its pipeline in the region from about €607m to more than €1bn after the opportunities it acquired through its joint venture with Prime Kapital substantially exceeded expectations.
MAS has increased its commitment to the development joint venture from €200m to up to €350m of preference share capital, on the same terms as the previous commitment. MAS’s equity stake in the development joint venture remains at 40 percent.
The Prime Kapital team is well placed to leverage its experience in central and eastern Europe to exploit this opportunity. Prime Kapital is headed by Martin Slabbert and Victor Semionov. They were successful as founders of New Europe Property Investments (Nepi), which invested in Romanian shopping centres before merging with Rockcastle Global Real Estate. They made Nepi Romania’s largest retail developer and shopping-centre owner before forming Prime Kapital in 2016.
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