South African investment fund New Europe Property Investments (NEPI) has launched an offer to shareholders in an attempt to raise the EUR 50 million needed for new acquisitions currently under negotiation. The offer is open to NEPI shareholders on the three stock exchanges where the fund is listed; the Johannesburg Stock Exchange, the London Stock Exchange and the Bucharest Stock Exchange.
Shareholders with 100 or more titles can participate at a rate of 9.4 new shares (priced EUR 4.05 each) per 100 previously owned. Those who do not with to participate in the stock offer can sell their rights to interested parties. On the Bucharest Stock Exchange the offer will be open between November 7 and November 15.
NEPI raised some EUR 78 million earlier this year for the Romanian real estate market. The fund owned real estate worth EUR 407 million in Romania at the mid year point, this year.