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NEPI ROCKCASTLE PLC - Further update on the disposal of the Romanian office portfolio

Release Date: 06/07/2020 07:05
Code(s): NRP     PDF:  
Wrap Text
Further update on the disposal of the Romanian office portfolio

NEPI Rockcastle plc
Incorporated and registered in the Isle of Man
Registered number 014178V
Share code: NRP
(“NEPI Rockcastle” or “the Company”)


Reference is made to the previous announcements published in respect of the disposal of the Romanian office
portfolio (the “disposal”) by the Company’s wholly-owned subsidiaries NE Property B.V., Ingen Europe B.V. and
NEPI Bucharest Two SRL (the “sellers”) to AFI Europe NV, a wholly-owned subsidiary of AFI Properties Ltd.
(“AFI Europe” or the “purchaser”). As per the last Business Update published on 20 May 2020 shareholders were
advised that the disposal was not completed.

NEPI Rockcastle and AFI Europe (hereinafter collectively referred to as “the parties”) initiated arbitration
proceedings (the “arbitration”) in connection with the disputed matter of the sellers requesting the purchaser to
pay the contractual guarantee, and the purchaser contesting the validity of the sellers’ claim and requesting specific
performance of the disposal.

In addition, the sellers and AFI Europe have entered into a non-binding memorandum of understanding (“MOU”)
pursuant to which, under certain conditions, the parties may terminate the arbitration and enter into a new binding
agreement regarding the disposal, based on the pricing and other terms of the original transaction (as announced
on 17 December 2019), subject to any requisite amendments required in relation to the payment dates and
completion. The MOU has been signed on 5 July 2020 and negotiations will be conducted on a without prejudice
basis in respect of the arbitration.

The progress of the new transaction will be notified in due course.

For further information please contact:

NEPI Rockcastle plc
Alex Morar/Mirela Covasa                                       +40 21 232 1398

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Java Capital                                                   +27 11 722 3050

Euronext Listing Agent
ING Bank                                                       +31 20 563 6685

Media Relations                                      

6 July 2020

Date: 06-07-2020 07:05:00
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