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. 

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