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NEPI buys Delta City

South African Investment Fund New Europe Property Investments (NEPI) has bought Delta City shopping mall and the agreement has already been signed.

South African investment fund, Hiprop investment, bought the two malls in 2016 from businessman Miroslav Mišković from Belgrade for €202,8 million.

Delty City in Podgorica was opened in 2008 and it counts around 1.200 employees.

Delty City in Belgrade was opened in 2007 and has 1.500 people employed. Hiprop investment owns 11 exclusive shopping malls across South Africa and Sub-Saharan Africa. Transaction  with Delta shopping malls was the first transaction outside African market.

Hiprop owns 60% of the centers. The remaining 40% is owned by Homsted group.

In order to take over both Delta City centers, the two companies formed an off-shore enterprise in London. Histed company now manages the malls and other shopping malls in South East Europe. However, these acquisitions led to debt resulting in lower rating in Moody’s.

According to the latest analyses, new management reduced debts but they decided to sell all malls. NEPI appeared to be one of the buyers, which has 15.000 shareholders and deals with the real estate.

In 2016, they bought Arena shopping mall in Zagreb. NEPI invested €100 million in Promenada mall in Novi Sad. NEPI also manages Kragujevac Plaza mall, owns 40 malls in Africa and Europe. Its shares are listed on the stock exchange in London, Johannesburg and Bucharest.

 

 

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