Shopping Center News - - NEWSMAKER INTERNATIONAL -

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.

n R e i N a t a l y

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.