NEW Europe Property Investments (Nepi), the JSE-listed owner of shopping centres in Romania, achieved a 62% return last year, ranking it second-best in the listed property sector.
It grew distributable earnings 19% in the year to December, the company reported on Tuesday, boosted by acquisition activity and strong performances from its property portfolio.
Nepi is part of the Resilient stable of JSE-listed property companies. It is seen as one of Resilient’s European offshore rand hedges for investors, as it pays out distributions in euros.
"The growth in distributable earnings for 2015 is due to the continuing strong performance of Nepi’s assets, the positive impact of acquisitions and developments completed during the year, and the favourable funding arrangement with the minority shareholder of Mega Mall," CEO Alexandru Morar said yesterday. During the reporting period, Nepi opened the 75,500m² shopping centre Mega Mall.
The mall is 98.2% occupied.
Nepi’s development pipeline including redevelopments and extensions, has increased to €601m, of which €145m had been spent by the end of December last year. This represents an increase of €54m compared with the previous year.
Recurring distributable earnings per share for the 2016 financial year were projected to be about 15% higher compared with 2015.
"Acquisitions and developments completed during the year will continue to drive our performance in 2016," he said.
Picture: THINKSTOCK
NEW Europe Property Investments (Nepi), the JSE-listed owner of shopping centres in Romania, achieved a 62% return last year, ranking it second-best in the listed property sector.
It grew distributable earnings 19% in the year to December, the company reported on Tuesday, boosted by acquisition activity and strong performances from its property portfolio.
Nepi is part of the Resilient stable of JSE-listed property companies. It is seen as one of Resilient’s European offshore rand hedges for investors, as it pays out distributions in euros.
"The growth in distributable earnings for 2015 is due to the continuing strong performance of Nepi’s assets, the positive impact of acquisitions and developments completed during the year, and the favourable funding arrangement with the minority shareholder of Mega Mall," CEO Alexandru Morar said yesterday. During the reporting period, Nepi opened the 75,500m² shopping centre Mega Mall.
The mall is 98.2% occupied.
Nepi’s development pipeline including redevelopments and extensions, has increased to €601m, of which €145m had been spent by the end of December last year. This represents an increase of €54m compared with the previous year.
Recurring distributable earnings per share for the 2016 financial year were projected to be about 15% higher compared with 2015.
"Acquisitions and developments completed during the year will continue to drive our performance in 2016," he said.
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