The European Bank for Reconstruction and Development (EBRD) is backing NE Property’s €500m bond issue with a €50m investment.

NE Property is owned by NEPI Rockcastle, a property investment and development group which is present in nine markets across central and southeast Europe, with Romania making up the largest share of the company’s portfolio.

NE Property will use the capital raised to refinance existing debt, fund the completion of projects under development and purchase new commercial real estate assets in the region.

The latest eurobond issue is the second phase of NE Property’s €1.5bn medium-term note programme.

In 2017, the EBRD invested €50m in the company’s €500m bond issuance.