New Europe Property Investment (NEPI), through its wholly-owned subsidiaries NE Property Cooperatief and New Europe Property, has concluded an agreement for the acquisition of 100% of Ingen Europe, the owner of the 36,000-m[sup]2[/sup] Floreasca business park in Bucharest, Romania.
New Europe Property Investment (NEPI), through its wholly-owned subsidiaries NE Property Cooperatief and New Europe Property, has concluded an agreement for the acquisition of 100% of Ingen Europe, the owner of the 36,000-m2 Floreasca business park in Bucharest, Romania.
The scheme was sold a joint venture of Apollo, Kanebo Investments and Grimsby Investments for equity of EUR 28 mln and the assumption of EUR 74 mln of debt. In a statement, Nepi said that the purchase will be funded through a rights offer whose details will be announced at a later stage.
'The Bucharest office market currently offers value for investors. As a result, the management team conducted a detailed review of opportunities in the Bucharest office market that included 12 potential acquisition targets, and Floreasca Business Park achieved the highest ranking,' the company said. Colliers International is advising on the deal.
The acquisition agreement contains warranties typical for acquisitions of this nature.
The deal is expected to close before the end of 2010.
