NEPI Rockcastle in agreement to sell Romanian office portfolio for R4.6bn

NEPI Rockcastle [JSE:NRP] announced on Tuesday that is has entered into an agreement to sell its Romanian office portfolio for estimated an €290m (R4.65bn at current exchange rates)

The JSE-listed property investment and development group in May 2019 said it was seeking to sell the portfolio, which comprises three properties in the capital Bucharest and one in Timisoara, a city in the west of the country. 

In an update to shareholders, it said it the proceeds from the disposal would be used to fund the group’s pipeline of acquisitions and developments.

The purchaser is AFI Europe, a wholly-owned subsidiary of Africa Israel Properties.

NEPI Rockcastle said the effective date of the transaction is subject to the unconditional approval of the Romania Competition Council and the successful conclusion of formalities with the country's trade registry. 

"The long stop date for the completion of the transaction is 15 May 2020, with the possibility to extend it by a further month. The purchaser has put in place guarantees with regard to completion," it said. 

ZAR/USD
17.00
(-0.09)
ZAR/GBP
21.24
(-0.12)
ZAR/EUR
19.14
(-0.13)
ZAR/AUD
11.81
(-0.13)
ZAR/JPY
0.16
(-0.20)
Gold
1774.74
(+0.03)
Silver
18.05
(+0.01)
Platinum
808.00
(+0.25)
Brent Crude
42.78
(-0.79)
Palladium
1914.01
(+0.62)
All Share
54521.90
(-0.17)
Top 40
50179.89
(-0.26)
Financial 15
10150.02
(-0.64)
Industrial 25
76554.73
(+0.52)
Resource 10
50138.02
(-1.24)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Please select an option Oops! Something went wrong, please try again later.
Results
I'm not really directly affected
18% - 1592 votes
I am taking a hit, but should be able to recover in the next year
23% - 2083 votes
My finances have been devastated
35% - 3126 votes
It's still too early to know what the full effect will be
25% - 2255 votes
Vote