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Acquisition of Auchan Titan Shopping Center
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”)
ACQUISITION OF AUCHAN TITAN SHOPPING CENTER
INTRODUCTION
Shareholders are advised that NEPI has, through its subsidiaries Nepi Sixteen Real Estate Investment SRL and Nepi
Bucharest Two SRL (collectively “the Buyers”), concluded an agreement to acquire all the issued shares in, and
shareholders’ claims against, Degi Titan SRL (“Degi”) from Aberdeen Asset Management Deutschland AG and Degi
Beteiligungs GmbH (collectively “the Sellers”) and repay Degi’s entire outstanding debt (“the Transaction”).
Degi wholly owns a shopping centre of 44,730 m2 of GLA situated in Bucharest, Romania (“the Property”), which
was developed in two phases. The first phase opened in 2007 and included the Auchan hypermarket and commercial
gallery. The Property was extended and reconfigured in 2009, with additional fashion and entertainment offerings.
RATIONALE FOR THE TRANSACTION
Auchan Titan is located in Titan neighbourhood, in the most densely populated district of Bucharest. The Property is
anchored by the first and largest Auchan hypermarket in Romania and contains numerous international brands, such as
Adidas, C&A, CCC, Deichmann, dm, Flanco, H&M, New Yorker and Takko, and a seven-screen cinema.
SALIENT TERMS OF THE TRANSACTION
The Transaction was completed on 26 August 2015, with a commercial effective date of 1 July 2015.
The aggregate purchase price for the Transaction is EUR 86 million (“Purchase Price”) and was settled from NEPI’s
existing cash resources..
The purchase agreement for the Transaction contains typical warranties. There are no outstanding conditions
precedent.
DETAILS OF THE PROPERTY
The details of the Property, including the valuation, as at 26 August 2015 are as follows:
Monthly
weighted Estimated
Property average Rentable Purchase passing
name Location Sector rental per m2 area (GLA) price Valuation rent
(EUR' (EUR' (EUR'
(EUR) (m2) million) million) million)
Auchan Bucharest,
Titan Romania Retail 14.7 44 730 86 86 7.9
*The Purchase Price reflects the price for the acquisition of the issued shares in and shareholder’s claims against Degi
and settlement of debt, as noted above, whilst the valuation amount reflects the value attributed to the Property by the
directors of NEPI. The directors of NEPI are not independent and are not registered as professional valuers or as
professional associate valuers in terms of the Property Valuers Profession Act, No 47 of 2000.
CATEGORISATION OF THE TRANSACTION
The Transaction is not categorisable in terms of the JSE Listings Requirements but is classified as a substantial
transaction under the AIM rules. .As required by the AIM Rules for Companies. Degi reported an EBITDA of RON
14,813,729 for the six months ended 30 June 2015, based on the Romanian accounting standards.
26 August 2015
For further information please contact:
New Europe Property Investments plc
Alex Morar +40757 111 122
Nominated Adviser and Broker
Smith & Williamson Corporate Finance Limited
Azhic Basirov +44 20 7131 4000
JSE sponsor
Java Capital +27 11 722 3050
Romanian advisor
SSIF Intercapital Invest SA
Razvan Pasol +40 21 222 8731
Date: 27/08/2015 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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