New Europe Property Investments PLC Update on Acquisitions and Developments (9899U)

TIDMNEPI

RNS Number : 9899U

New Europe Property Investments PLC

13 April 2016

NEW EUROPE PROPERTY INVESTMENTS PLC

Incorporated and registered in the Isle of Man with registered number 001211V

Registered as an external company with limited liability under the laws of South Africa, registration number 2009/000025/10

   AIM share code: NEPI    JSE share code: NEP    BVB share code: NEP 
   ISIN:   IM00B23XCH02 

("NEPI" or "the Company")

UPDATE ON ACQUISITIONS AND DEVELOPMENTS

FORUM ÚSTÍ NAD LABEM SHOPPING CENTRE (CZECH REPUBLIC)

NEPI has concluded an agreement to acquire the Forum Ústí nad Labem shopping centre, situated in the Czech Republic, from Meyer Bergman Fund. The shopping centre, with approximately 27,800m(2) of GLA, opened for trading in November 2009.

Ústí nad Labem is one of the largest cities in the Czech Republic, with a population of approximately 93,000, and the capital of the Ústecký region, with over 820,000 inhabitants, located in the northern part of the country. The city benefits from modern infrastructure, as it is situated at a railway junction, and the highway connecting the city to Prague and Dresden is scheduled for completion in 2016.

Forum Ústí nad Labem is the dominant retail scheme in the region, situated in the centre of the city, at the intersection of the city's arterial roads used by local, regional and transiting traffic. It reports very good footfall figures.

The mall is anchored by a Billa supermarket and features numerous international brands, such as Adidas, CCC, C&A, Deichmann, dm, H&M, Humanic, KFC, Manufaktura, Mohito, New Yorker, Nike, Orsay, Promod, Tchibo, Tommy Hilfiger, and a five-screen Cinema City.

The aggregate purchase price for the acquisition was EUR 82.6 million and was settled from NEPI's existing cash resources. The acquisition was completed on 8 April 2016 and has a commercial effective date of 29 February 2016.

The transaction is not categorisable in terms of the JSE Listings Requirements and it is not classified as a substantial transaction under the AIM Rules.

SHOPPING CITY TIMISOARA (ROMANIA)

The first phase of this development, comprising a hypermarket and gallery (16,300m(2) GLA), was opened in November 2015 and includes tenants such as Carrefour, Media Galaxy, Noriel, Pepco and Zoomania.

The second phase opened on 31 March 2016 and includes an additional 40,500m(2) of fashion and entertainment GLA, featuring local and international brands such as Bershka, C&A, CCC, Collins, Cropp, Deichmann, dm, Douglas, H&M, Hervis, House, Intersport, KFC, Koton, LC Waikiki (first store in the city), Lee Cooper, Levi's, New Yorker, Orsay, Otter, Pimkie, Pizza Hut, Pull&Bear, Reserved, Sephora, Sinsay, Sport Vision, Stradivarius, Timeout, Tom Tailor and Zara (flagship store), a gym, swimming pool, and a thirteen-screen cinema (the largest cinema outside of Bucharest), with an IMAX and a 4DX auditorium (the only retail centre in Romania to feature both). The occupancy rate for the shopping centre is currently 96% and the Company is in advanced negotiations with a large fashion anchor for the remaining 4%. The centre has reported high footfall figures since opening and its tenants registered significant turnovers.

This announcement is for information purposes only.

13 April 2016

For further information please contact:

 
 New Europe Property Investments 
  plc 
 Mirela Covasa                       [phone] 
 
 AIM Nominated Advisor and Broker 
 Smith & Williamson Corporate 
  Finance Limited 
 Azhic Basirov/Katy Birkin           [phone] 
 
 JSE sponsor 
 Java Capital                        [phone] 
 
 BVB advisor 
 SSIF Intercapital Invest SA 
 Razvan Pasol                        [phone] 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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April 13, 2016 03:00 ET (07:00 GMT)