New Europe Property Investments (NEPI) has announced plans to carry out a EUR 40 mln rights issue aimed at raising funds for expansion in Romania.

In a statement this week, the South African property company said it had secured underwriting for the issue at a premium to net asset value per share. Founded in 2007, NEPI has been listed on the Bucharest stock exchange since June 2011. It is also quoted on the main board of the Johannesburg stock exchange as well as on the AIM market of the London Stock Exchange. The company's portfolio in Romania includes 27 assets.