UPDATE 2-New Europe Property says Carpathian talks end

* Proposed offer was at 0.2 euro/Carpathian share

* Says talks terminated after Carpathian rejection

* Carpathian says no longer in offer period (Adds Carpathian's statement)

May 8 (Reuters) - New Europe Property Investments Plc (NEPI.L) said on Friday talks on a proposed offer to buy British property investor Carpathian Plc (CPTA.L) had been terminated after Carpathian rejected the offer.

In a separate statement, Carpathian said the offer was not at a level which was likely to "maximise value for shareholders," and added that the company was no longer in an offer period.

On April 22, New Europe Property had approached Carpathian with a potential offer of 0.20 euro per share in cash.

Carpathian said talks on a partial share alternative for up to 49.9 per cent of the share capital of the acquiring vehicle also failed.

On May 1, Carpathian said it had terminated talks with third parties regarding a possible offer for the group, as none of the proposals were enhancing shareholder value.

At 1110 GMT, Carpathian shares were up 5.5 percent at 24 pence and New Europe Property shares were flat at 1.75 pence on the London Stock Exchange. (Reporting by Austin Lobo and Purwa Naveen Raman in Bangalore; Editing by Mike Miller, Anil D'Silva)