Initial Investments, 07:01 23-Oct-07
New Europe Property Investments PLC
23 October 2007
New Europe Property Investments PLC ("NEPI" or "the Company")
Initial Investments
New Europe Property Investments PLC, the Central and Eastern European property investment company listed on AIM, announces its firstinvestments.
Main highlights:
- four properties in various Romanian cities purchased foran aggregate consideration(including transaction costs) of approximately €11.8 million
- aggregate yield of 8.51%
The Company has invested in four properties in Romania,details of which are as follows:
- A property located on the corner of a residential buildingin a prime Central location in Bucharest was purchasedfor €5.0 million. This property has a total area of 1,044 m2.
- A property with a total area of 200 m2 and located on theground floor of a residential buildingin a prime central location in Bacau was purchased for €0.7 million.
- A property with a total area of 193 m2 and located on theground floor of a residential buildingin a prime central area in Iasiwas purchased for €0.8 million.
- A property located just off the Bucharest-Brasov highwaywas purchased for€4.9 million. Thisproperty has a total area if 3,285 m2. The acquisition of this property isstill subject to satisfactory legal and technical due diligence.
The Company raised net proceeds of €25.1 million on itsadmission to AIM in August and its investment advisor is NEPI InvestmentManagement Limited.
The Chairman of NEPI, Peter Gray, said, "We are pleasedthat investment in the Romanian property market is progressing well and areconfident that the investment opportunities that have been presented to theBoard to date will help the Company meet the investment objectives outlined inits AIM admission document."
