Nepi buys land next to Prom­e­nada

The Star Early Edition - - BUSINESS REPORT -

NEW Europe Prop­erty In­vest­ments (Nepi) has fol­lowed up its ac­qui­si­tion last month of the Prom­e­nada Mall in Ro­ma­nia for € 148 mil­lion (R2 bil­lion) with the pur­chase of 1.2 hectares of ad­ja­cent land for an undis­closed amount. Nepi said yes­ter­day this land, with an ex­ist­ing of­fice struc­ture be­ing de­mol­ished, was zoned for the de­vel­op­ment of about 50 000m2 of above ground of­fices. It in­tends ap­ply­ing for re­zon­ing to pur­sue a mixed-use ex­pan­sion of the mall in­te­grated with a new A-grade of­fice de­vel­op­ment. Nepi also raised R2.1bn through an ac­cel­er­ated book build, which was over­sub­scribed, to fund the ac­qui­si­tion of the mall, partly fund fu­ture de­vel­op­ment and ex­pan­sion pipe­line and ac­qui­si­tions. – Roy Cokayne

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