Nepi Rockcastle, which is part of the Resilient stable of companies being investigated for share-price manipulation, has bought a mall in Budapest, in a €254m cash deal that positions the company as the largest shopping centre owner in the capital city of Hungary. The company said on Thursday it had secured a controlling interest in the Mammut shopping centre, which attracts about 15.6-million people a year. "This is a quality asset in a strong catchment area," said Evan Robins, portfolio manager at Old Mutual Investment Group. "Budapest is a fairly big city."
Nepi, a commercial property investor and developer, has long identified Central and Eastern Europe as its key markets to grow its portfolio, which stood at €5.3bn as of June 2018. Retail makes up the biggest portion of the portfolio, followed by office and industrial assets. Listed on the JSE and Euronext Amsterdam, the company already owns shopping centres in Romania, Poland, Bulgaria and Slovakia, among other EU countr...
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