File picture: James White
CAPE TOWN - Nepi Rockcastle, which owns properties in central and eastern Europe, has sold its Romanian office portfolio to AFI Europe for an estimated 290million (R4.6billion).

The firm, which is listed on the JSE, Euronext Amsterdam and the A2X in Joburg, said yesterday the final consideration would be determined at the completion of the deal.

The company last month said it intended to sell the Romanian office portfolio in line with a strategy to use the proceeds to fund acquisitions and developments.

The Romanian office portfolio, with a book value of 308m, comprises Floreasca Business Park, The Lakeview and Victoria Office in Bucharest, and City Business Centre in Timisoara.

The properties were fair valued by independent valuers DTZ (Cushman & Wakefield Affiliate Partners). Nepo said the net operating income attributable to the Romanian office portfolio came to 11.8m for the six months ended June 30.

The group said the agreement was reached with AFI Europe on December 15 to sell the properties and the effective date of the deal was subject to Romania Competition Council approval and other formalities.


Nepi Rockcastle, which owns properties in central and eastern Europe, has sold its Romanian office portfolio to AFI Europe for an estimated 290million (R4.6billion).

Nepi’s total assets, according to an update for the nine months to September 30, were worth more than 6.9bn, with the property portfolio of 6.2bn, including the Romanian portfolio held for sale.

A total of 97percent of the property portfolio was in the EU.

Nepi Rockcastle fell 0.41 percent on the JSE yesterday to close at R125.38.

BUSINESS REPORT