South African real estate fund NEPI managed to raise EUR 45 million via a share capital increase on Monday, September 9, around a third more than its expectations.

The money will be allotted to developing the Mega Mall shopping center project in Bucharest and to fully taking over the Vulcan industrial site.

The funds were raised via an accelerated book build for acquisitions and, following the transaction, NEPI will issue some 8.4 million shares on September 13.

NEPI announced at the end of August it finalized the acquisition of 70 percent in Mega Mall, which it plans to complete in 2015.

Last year, the fund teamed up with Canadian businessman Michael Topolinsky, the main shareholder in Benevo, to develop a shopping center on the former Vulcan industrial site in Bucharest.

The Mega Mall project will be developed together with Austrian developer Real4You, and will include 70,000 sqm of mall space.

Work on the project is expected to start this year, with investments to reach EUR 150 million.

The shopping center will be built on the premises of the former Electroaparataj factory, close to Soseaua Iancului and Soseaua Pantelimon.

NEPI has EUR 600 million worth of assets in Romania, including the office buildings The Lakeview and Floreasca Business Park in Bucharest, as well as City Business Center in Timişoara, while in Ploiesti and Braila it owns Ploieşti Shopping City, and Promenada Brăila respectively. NEPI is listed on the South – African stock market, as well as on the Bucharest Stock Exchange.

editor@romania-insider.com