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New Europe Property Investments Plc Announces Acquisition through Subsidiaries of Two Companies from MKB Bank Zartkoruen Mukodo Reszvenytarsasag


Monday, 18 Feb 2013 09:00am EST 

New Europe Property Investments Plc (NEPI) announced that on February 14, 2013, NEPI through its subsidiaries NE Property Cooperatief UA and NEPI Investment Management SA (collectively, the Purchasers), has concluded an agreement to acquire all the shares in and shareholder’s claim against BVB Real Estate from AIG/Lincoln Lakeview Sarl (AIG/LL or the Seller) and to acquire the bank debt of BVB Real Estate from MKB Bank Zartkoruen Mukodo Reszvenytarsasag (the Transaction). BVB Real Estate owns an office building situated in Bucharest, Romania, known as The Lakeview (the property). The Lakeview consists of offices and ground floor retail with a total of 25,564 square meters and 485 parking bays. The Lakeview is located close to NEPI’s Floreasca Business Park. The building is fully occupied with tenants. The aggregate purchase price for all the shares in and shareholder’s claim against BVB Real Estate and bank debt is approximately EUR 61.7 million, which will be settled in cash. The effective date of the Transaction is January 1, 2013. The Seller is in the process of changing the legal form of BVB Real Estate from a limited liability company to a joint stock company, a process which requires, amongst other things, the approval of MKB Bank Zartkoruen Mukodo Reszvenytarsasag. The Transaction is expected to complete before June 30, 2013. 

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17 Nov 2014