Real estate investment fund NEPI posted a net profit attributable to shareholders of EUR 99.1 million, in 2014, seeing a 73% increase compared to 2013.

The fund’s net assets (NAV) were EUR 1.29 billion, at end-December 2014, up by 68% on December 2013, the fund announced on Wednesday, February 11.

Both the fund’s assets and profit increased due to new acquisitions and openings in the past two years, which NEPI finance mainly via new capital raised from its investors.

NEPI (New Europe Property Investments) is registered in the Isle of Man and listed on the Johannesburg Stock Exchange, the Bucharest Stock Exchange and the AIM market of the London Stock Exchange.

The fund’s largest investment are in Romania. In recent years, NEPI has become the biggest mall owner in Romania, following acquisitions and new developments.

NEPI bought Promenada Mall in Northern Bucharest for EUR 148 million, in October 2014. In April 2014, NEPI will open Mega Mall, on the Eastern side of the Romanian capital, a EUR 165 million investment.

NEPI also opened two new malls last year, one in Bucharest (Vulcan Value Center) and one in Targu-Jiu. The fund also owns shopping centers in Constanta, Ploiesti, Braila, Deva, Galati, Pitesti, Drobeta Turnu Severin, Vaslui, and Buzau. NEPI also plans to develop two new regional malls in Timisoara and Piatra Neamt.

In recent years, the fund expanded in the region by acquiring malls in Slovakia and Serbia.

NEPI also owns two office buildings in Bucharest, Floreasca Business Park and The Lakeview, and 50% of The Office project in Cluj-Napoca.

NEPI’s net asset value per share was EUR 4.63, at the end of last year, up by 25% compared to December 2013. The fund’s shares are currently trading at EUR 9.44, which is more than twice its NAV per share. NEPI’s market capitalization is EUR 2.62 billion (as of February 10, 2015).

Andrei Chirileasa, andrei@romania-insider.com