South African investment fund New Europe Property Investment (NEPI) has lined up for the Bucharest Stock Exchange listing, after the Securities Commisison in Romania (CNVM) has recently approved its listing prospect. No deadline has been given for the listing, while previous media reports pointed to the end of March this year.
NEPI will thus be the first real estate investment fund listed on the BSE on the market segment created for Real Estate Investment Trusts (REITS). REITs are being traded on stock markets elsewhere in the world and establish a benchmark for the evolution of the real estate industry, which is otherwise considered un-transparent.

The listing will be intermediated by Intercapital Invest and BCR. NEPI has a portfolio of EUR 313 million worth of properties, most of which located in Romania. Its biggest asset in Romania is Promenada Mall Braila, which covers 53,000 sqm.

The fund's most recent acquisition was the Floreasca Business Park office complex in Bucharest at a purchase price of EUR 27.6 million. NEPI also owns several shopping centers in Romania, among which Iris Shopping Center, European Retail Park Braila.

NEPI is also listed on the Johannesburg Stock Exchange in South Africa and on the London Stock Exchange.

editor@romania-insider.com