ROMANIAN shopping centre owner, New Europe Property Investments’ (Nepi’s) stellar growth since listing on the JSE seven years ago may slow down as the company tries to grow earnings off a larger base.Nepi, part of the Resilient stable of property companies, is finding it more difficult to grow rentals in Romania, where the economy is under pressure. It is seen as one of Resilient’s European offshore rand hedges for investors, as it pays out dividends in euros.But after years of double-digit dividend and steady asset value growth, Nepi, worth more than R50bn, will not necessarily repeat its success as easily. The company’s dividend payout eased for the six months to June 2016, owing to the timing of acquisition activity, relative size of acquisitions and slower growth in rentals.Nepi announced on Wednesday it had achieved 18.68 euro cents in recurring distributable earnings per share for the reporting period, a 6.2% increase compared with the 17.59 euro cents recurring distributable ...
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