New Europe Property Investments (NEPI) has raised roughly EUR 28 mln in the IPO of its shares on the Bucharest Stock Exchange. The commercial real estate company, which is already quoted on Johannesburg's main board and London's AIM market, said on Wednesday that it has issued 9.5 million of new shares for listing on the London, Johannesburg and Bucharest stock exchanges.

'Although the stock market in Romania is relatively small, it will grow in time,' said Martin Slabbert, CEO of NEPI. 'NEPI's listing in Bucharest will make the shares more accessible to Romanian investors that are looking for an alternative investment denominated in Euro in a transparently managed group offering attractive cash dividends.'

The listing was intermediated by Intercapital Invest and BCR.

The company, with a market capitalization of over EUR 300 mln, is the first real estate investment company listed on Bucharest's BVB stock exchange.

Proceeds will be used to fund developments in its real estate portfolio, Slabbert said, adding that the company plans to go back to the capital markets in case further investment opportunities are identified.

Founded in 2007, NEPI owns a portfolio consisting of 27 commercial real estate properties in Romania.