September 16, 2024 06:47 GMT
REAL ESTATE: NEPI Rockcastle (NEPSJ: BBB/BBB+): Acquisition
REAL ESTATE
- Acquiring Magnolia Park in Poland
- Union bought Magnolia Park in 2017 for EUR380m from Blackstone
- NEPI's overall portfolio was worth >EUR 7bn in 1H24 as a guide.
- No price is mentioned on the press release
- As at 1H24, Nepi had LTV 32.2% and EUR 1.3bn liquidity available to fund the upcoming 2024 bond maturity.
- NEPSJ 2% 2030 bonds hit their wide in Nov ’22 but this coincided with an upgrade to BBB+ by Fitch.
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