Nepi Rockcastle seeks €500m through bond issuance
Nepi Rockcastle, the most valuable landlord on the JSE, on Wednesday announced a €500m (R9.3bn) bookbuild through unsecured corporate bond issuance.
The proceeds will be used for general corporate purposes, including, but not limited to, property acquisitions and developments, refinancing and working capital management, the company said.
The seven year bond will mature in October 2026.
Nepi Rockcastle focuses on Central and Eastern Europe and has a market value of R78.9bn.
It said in August during the release of its interim results to end-June that the estimated cost of its development pipeline, including redevelopments and extensions, exceeded €1.2bn (R27bn).
Nepi Rockcastle’s share had added 1.05% to R134.90 as of 1pm on Wednesday, bringing its year-to-date gain to 19.35%. Over the same period the JSE property index has lost 4.1%.