STRONG ASSET PERFORMANCE
New Europe earnings grow significantly ahead of merger
New Europe Property Investments (Nepi), the largest owner of shopping centres in Romania, achieved double-digit earnings growth during its 2016 financial year in the lead-up to its merger with Polish-focused Rockcastle Global Real Estate. The two are set to be an R80bn property group and a new entrant to the JSE’s Alsi 40 companies. "The merger will definitely make some waves as it will go straight into the Alsi 40 and provide strong distribution growth into the short-medium term at least," said Meago Asset Management director Jay Padayatchi. "Consequently many local and global institutional investors and index trackers will be forced to hold the merged company." Nepi’s financial statements for the year to December showed its distributable earnings had grown 14.7% to 40.50 euro cents. Financial director Mirela Covasa said this growth was due to the strong performance of Nepi’s assets, profitable acquisitions and developments completed during the year, as well as having maintained a ...
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