Posted on: 23 October 2007
New Europe Property Investments PLC, the Central and Eastern European property investment company listed on AIM, announces its first investments.
- four properties in various Romanian cities purchased for an aggregate consideration (including transaction costs) of approximately €11.8 million
- aggregate yield of 8.51%
The Company has invested in four properties in Romania, details of which are as follows:
- A property located on the corner of a residential building in a prime Central location in Bucharest was purchased for €5.0 million. This property has a total area of 1,044 m2.
- A property with a total area of 200 m2 and located on the ground floor of a residential building in a prime central location in Bacau was purchased for €0.7 million.
- A property with a total area of 193 m2 and located on the ground floor of a residential building in a prime central area in Iasi was purchased for €0.8 million.
- A property located just off the Bucharest-Brasov highway was purchased for €4.9 million. This property has a total area if 3,285 m2. The acquisition of this property is still subject to satisfactory legal and technical due diligence.
The Company raised net proceeds of €25.1 million on its admission to AIM in August and its investment advisor is NEPI Investment Management Limited.
We are pleased that investment in the Romanian property market is progressing well and are confident that the investment opportunities that have been presented to the Board to date will help the Company meet the investment objectives outlined inits AIM admission document. Peter Gray, Chairman of NEPI