Nepi Rockcastle's Plaza Arena in Budapest, Hungary. Picture: SUPPLIED
Nepi Rockcastle's Plaza Arena in Budapest, Hungary. Picture: SUPPLIED

Nepi Rockcastle, the most valuable landlord on the JSE, said on Tuesday it had reached an agreement to sell is Romanian office portfolio for €290m (R4.6bn)

The company announced in July it would dispose of its Romanian office interests to intensify its focus on retail, with the proceeds of the transaction to be used to fund the group's pipeline of acquisitions and developments.

The assets, which include three properties in Bucharest, and one in Timisoara, will be sold to AFI Europe, a wholly owned subsidiary of Africa Israel Properties.

Nepi which focuses on Central and Eastern Europe and has a market value of R75.5bn, had previously forecast 6% growth in distribution per share.

gernetzkyk@businesslive.co.za