Nepi Rockcastle shares in demand
Property group raises R5.2bn in book-build and says funds will be invested in two assets in Eastern Europe
Nepi Rockcastle, the Eastern European property powerhouse, has raised a staggering R5.2bn, well ahead of its R3bn initial target, as it keeps attracting South African investors. The company will partly be invested in two offshore assets. "The South African listed property sector has raised roughly R35bn this year. This is the first raising by the new Nepi Rockcastle structure," said Ahmed Motara, a portfolio manager at Stanlib. Nepi Rockcastle co-CE Alex Morar said: "In the light of strong demand", the amount of equity to be raised was increased to about R5.2bn. At this level, the book was oversubscribed. On Tuesday, Nepi Rockcastle closed 3.59% down at R177.50 a share and has a market capitalisation of R95.6bn.The funds will be used partly to refinance the acquisition of the Serdika shopping centre and office property in Sofia, Bulgaria, and Arena Plaza shopping centre in Budapest, Hungary. Nepi Rockcastle co-CE Spiro Noussis said the group had positioned itself well in central and...
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