PROPERTY POWERHOUSE
Nepi eyes bigger deals after Rockcastle merger
The property powerhouse will open new markets in Eastern Europe to the group, says Nepi CEO Alex Morar
New Europe Property Investments’s (Nepi’s) merger with Rockcastle Global Real Estate in June, to become the largest property company in Eastern Europe, will open new markets to the group. The two companies, which are part of the Resilient group, are on track to become an entity worth more than R80bn. This will make it the largest real estate company on the JSE. Nepi CEO Alex Morar said at a results presentation in Sandton on Thursday that the new entity would be able to pursue deals worth from €70m to €200m and possibly beyond. Nepi and Rockcastle, which were dominant in Romania and Poland respectively, had pinpointed opportunities in Slovakia, Croatia and Serbia. They would also consider Bulgaria and Hungary but not in the immediate future. Serbia was attractive partly because its consumption was expected to double in the next decade. which suggested a need for more shopping centres. Slovakia’s consumption was forecast to grow nearly 60%. Nepi’s cost of funding would fall thanks to...
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