The much-anticipated merger of New Europe Property Investments (Nepi) and Rockcastle Global Real Estate looks set to go ahead with the announcement of a deal on Wednesday that should create the largest listed property company on the JSE. It will create a combined Eastern European-focused retail property fund with a market capitalisation of R81bn that, based on current prices, would make it the largest property company on the JSE. Nepi, which has a market capitalisation of nearly R51.7bn, invests in Romanian shopping centres. Rockcastle Global Real Estate, worth nearly R33.7bn, has focused on Polish commercial property. They will merge into NEPI Rockcastle (NewCo) through a share swap ratio of 4.5 existing Rockcastle shares for one existing Nepi share. Nepi and Rockcastle have recently invested in markets other than their main focuses and commentators said in August a merger would help both to find new opportunities. The two companies had been launched by a number of professionals fr...
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