Johannesburg,South Africa

NEPI Rockcastle,a Dutch property investment and development company has announced that is in negotiations to acquire Magnolia Park shopping centre in Wroclaw,Poland.

According to NEPI Rockcastle,Magnolia is a 100,000 m² gross lettable area shopping center,situated in Wroclaw,the third largest city in Poland by population,with over 670,000 inhabitants and enjoys a strategic location in the city,with excellent visibility and easy access.The property has experienced outstanding operational performance and is well positioned for future growth,both organically and through further value enhancement.

That shopping centre is occupied by over 240 tenants,renowned Polish and international brands such as Bershka,H&M,Zara,Pull & Bear and many others are available there.

Magnolia Park is owned by Union Investment and managed by Multi Corporation,opened its doors in 2007 and is welcoming close to 11 million visitors per year.

NEPI Rockcastle owns 59 properties with a market valuation of €6.9 billion across nine countries in Central and Eastern Europe.

Its properties are available in countries such as Romania,Poland,Hungary,Slovakia,Bulgaria,Croatia,Czech Republic,Lithuania and Serbia.

Last month,the company has released its positive financial results for the six months ended 30 June 2024,and it reported an increase on its earnings.

It revealed that it has invested approximately €70 million in development costs and capital expenditure in the first half of 2024.

That €70 million would be utilised for extension of Promenada Bucharest which is expected to open in fourth quarter of 2026,and the refurbishment of Arena Mall Budapest started in April this year and will be completed in the second quarter of 2028.

The company reported a strong liquidity,with €672 million in cash and €620 million in undrawn committed credit facilities on 30 June 2024(adjusted for the repayment of the bond maturing in November 2024,liquidity amounts to approximately €800 million).

It revealed that in February 2024,the Group extended the maturity of its revolving credit facility with Raiffeisen Bank International until January 2027 and increased the maximum limit to €200 million,with Erste Group Bank joining the facility.Consequently,as at 30 June 2024,the Group's revolving credit facilities' capacity amounts to €620 million(31 December 2023:€570 million).

NEPI Rockcastle's shares are listed on the Johannesburg Stock Exchange(JSE),Euronext Amsterdam(Euronext) and A2X,was founded in 2007.