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NEPI has €55.5 mln portfolio

British New Europe Property Investments (NEPI) fund, operating on the Romanian real estate market, has valuated its properties at €55.5 million, and posted a net profit of €275,000, according to the company's financial report for 2007.

Total revenue from rental contracts amounted to €322,000 in 2007, while property acquisitions exceeded €21.7 million. The company acquired four properties in Bucharest, Iasi, Bacau and Brasov, administered by Flamingo International and Flanco International companies, which required an investment of €11.8 mln. 'The transaction was concluded at an 8.6 percent yield and the amount was paid from the fund's own resources,' shows the report, according to Business Standard. The contracts to rent the properties have been signed for an average eight years. NEPI also acquired an industrial park in Rasnov, Brasov County, for €15.2 mln. The property was sold at a 7.75 percent yield, with money from the company's own funds. The rental period is 13 years, and the initial monthly rent is some €4.34 per square meter. In February, the British fund also acquired two companies, which own 18 properties in several cities in Romania. The deal was signed at a 7.6 percent yield, and is worth some €46.3 mln. The operational profit from properties is estimated at some €3.6 mln a year, with the main tenant Raiffeisen Bank. Sursa: http://www.rompress.ro

Tags: properties