UPDATE: NEPI Buys Office Park In W Romania

Real estate investment fund New Europe Property Investments (NEP.RO) Thursday said it has paid EUR16.55 million for the shares in a 40,000 plus square meters office park in Romanian western city of Timisoara.

NEPI has taken over the majority stakes in ModaTim Investment SA (MTI) and ModaTim Properties SA (MTP), the developers of City Business Centre in Timisoara. Ovidiu Sandor, who started the Timisoara investment, will continue to manage the whole project until 2015 and he will coordinate the development of two additional buildings in the office park, the property fund said in a statement.

The aggregate purchase price for the shares in and shareholders’ claims against MTI and MTP is an amount of approximately EUR16.55 million, which will be funded through the proceeds of a vendor consideration placing in terms of which 5,518,057 new ordinary NEPI shares will be issued and placed at EUR3.00 per share, NEPI said.