LISTED PROPERTY
Nepi’s share price expected to recover
East European property group Nepi Rockcastle’s share price, which has been battered so far in 2018, should recover in the coming months because it owns some of the best-run shopping centres in central and eastern Europe. The strategy of owning mostly direct property, including dominant malls, and not being a hybrid fund has been a major success so far, according to co-CEO Spiro Noussis. He said the company offered a simple investment case. The group, which has a market capitalisation of about R63bn, has assets made up 90% by direct property and 10% by listed securities. By the end of the December 2018 financial year, it will be close to owning direct property only. "We are a bricks and mortar property company that happens to own a large number of shopping centres across eight countries in central and eastern Europe," Noussis said. He hoped that the share price would soon stabilise given that his management team had delivered strong income returns to shareholders. Nepi Rockcastle suf...
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