» Acquisition of Land and Proposed Development

Acquisition of Land and Proposed Development

Posted on: 23 November 2012

The Company is pleased to announce that its wholly-owned subsidiary, NEPI Nine Investment Development SRL (“NEPI Nine”), has concluded an agreement for the purpose of acquiring a plot of land of approximately 12.7 hectares in Galati, Romania from a local Romanian company (“the Galati transaction”).

Galati is the seventh largest Romanian city and the largest Romanian port town on the Danube River. It is some 25 kilometres from Promenada Mall Braila, NEPI’s regional shopping centre in Braila. There are no major retail centres in Galati.

NEPI Nine has entered into the Galati transaction with the intention of developing a retail centre anchored by a hypermarket and several international value brands (“the proposed Galati development”). The site for the proposed Galati development is located on one of the main boulevards of Galati, which has good vehicular access.

The Galati transaction is subject to the fulfilment of a number of conditions.

The Galati transaction is not categorisable in terms of the Listings Requirements of the JSE Limited. Further announcements in relation to the proposed Galati development will be made as and when appropriate.