October 09, 2024 07:18 GMT
REAL ESTATE: Nepi Rockcastle (NEPSJ: BBB/BBB+): Serbian Sale
REAL ESTATE
- Neutral: NEPSJ confirms the sale of Serbian asset Promenada Novi Sad
- Proceeds of €177m have settled
- This was flagged in the H1 Interim report
- Proceeds will be used to fund development
- The company's LTV is 32.2% with ICR 5.68x both conservative
- Curve is +25bs vs MERYFP (LTV 36.9%; ICR 5.5x) reflecting the CEE/Liquidity discount
49 words