South-African real estate investment fund New Europe Property Investment (NEPI) managed to raise EUR 150 million via an accelerated book build (ABB) share offer, on Monday, November 24.

The fund initially announced it wanted to get EUR 100 million from investors, but the demand was higher than the offer.

The fund will use the proceeds to finance the acquisition of the Promenada Mall in Bucharest, Romania. NEPI agreed to pay EUR 148 million to take over the mall from Austrian group Raiffeisen Evolution, at the end of October.

NEPI also announced it bought a 1.2-hectare land next to Promenada Mall, where it intends to build an extension of the mall and an office building.

The fund paid some EUR 20 million for the land, which it bought from local investor Dragos Bilteanu, according to local Ziarul Financiar.

editor@romania-insider.com