Rockcastle and Nepi taking pride of place
The Rockcastle, Nepi tie-up will create the third-largest listed retail property company in Europe
The much talked about merger of rand hedge plays Rockcastle Global Real Estate Company and sister fund New Europe Property Investments (Nepi) is likely to be a done deal by June. The merger is bound to be the most significant deal concluded by the R480bn listed property sector this year. The new entity, to be known as NewCo, will become the JSE’s largest real estate counter, with a market cap exceeding R80bn that should propel the company straight into the top 40 index. NewCo will simultaneously become one of the biggest shopping centre owners in Eastern and Central Europe. Nepi already owns more than 30 shopping centres across Romania, Slovakia and Croatia, among others, while Rockcastle owns 10 malls in Poland and one in the Czech Republic. Nepi’s market cap is R49.3bn, exceeding Rockcastle’s R32bn. Over three years, Rockcastle and Nepi are among the JSE’s best-performing property stocks, with share price growth of 137% and 85% respectively (excluding dividends). Rockcastle CEO Sp...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.