June 1 (SeeNews) - Real estate investment trust (REIT) New Europe Property Investments (NEPI) [BSE:NEP] said it plans to delist from the Bucharest Stock Exchange after the merger with South African commercial property investor and developer Rockcastle.
NEPI will be delisted from the Johannesburg Stock Exchange (JSE), with the intention to also delist from the BVB and ultimately be dissolved, the REIT said in a statement on Wednesday.
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The delisting from BVB sis subject to the approval of the Bucharest Stock Exchange and the Romanian Financial Supervisory Authority, NEPI said.
Rockcastle and NEPI plan to set up a new entity, NEPI Rockcastle PLC, registered in the Isle of Man, which will be listed on the Main Board of the JSE and on Euronext Amsterdam, the REIT noted.
The new company will issue shares to NEPI and Rockcastle shareholders, who will receive 1 share for every 1 NEPI share or 4.7 Rockcastle shares held, the Bucharest-listed trust said.
NEPI’s portfolio in Romania includes Mega Mall, Iris Titan Shopping Center, Promenada Mall and Vulcan value Centre in Bucharest. The company also developed projects in the industrial sector, such as Rasnov Industrial Facility and Otopeni Warehouse. In the office real estate market, NEPI owns Floreasca Business Park, The Office and Lakeview.
Rockcastle is a commercial property investor and developer that owns, develops and manages dominant retail assets in the CEE region and invests in global real estate listed securities. As of September 30, Rockcastle’s portfolio of investment properties comprised 7 income producing properties, 2 developments under construction and 3 properties under permitting and pre-leasing, valued at 878.6 million euro ($986.4 million). The portfolio includes assets in Poland, the Czech Republic and Zambia.