DISTRIBUTABLE EARNINGS
Asset performance lifts Nepi’s growth
New Europe Property Investments (Nepi) has continued to report strong income growth despite pressure on consumers at its Romanian shopping centres in Eastern Europe. Nepi achieved 10.7% growth in distributable earnings for the first nine months of this year. Management said the growth was because of continued strong performances from the company’s assets and the positive effect of acquisitions and developments completed during the reporting period. The group’s distributable earnings per share for the first nine months of 2016 were 29.28 euro cents, up from 26.45 euro cents. Nepi is in merger talks with Rockcastle Global Real Estate, the Polish-focused property group. The two could merge to become the largest Eastern Europe-invested property company on the JSE. Nepi has a market capitalisation of R52.76bn, while Rockcastle has a market capitalisation of R33.47bn. A merger would create an R86bn fund. "A transaction between Rockcastle and Nepi would result in a substantially enlarged m...
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