January 31 (SeeNews) - The European Bank for Reconstruction and Development said it has subscribed 50 million euro ($62 million) into a 500 million euro Eurobond first issuance by NE Property Cooperatief, a company owned by CEE-focused real estate investment trust NEPI Rockcastle.
"The proceeds from the bond issue will be used to fund NEPI Rockcastle's projects under development and new acquisitions, with a focus on retail properties located in the wider CEE region, both in capital and regional cities," the EBRD said in a press release on Tuesday.
The Eurobond issue is part of a 1.5 billion euro medium-term note programme.
The bond is guaranteed by NEPI Rockcastle and is listed on the Irish Stock Exchange and the Bucharest Stock Exchange.
The listing of the bond on the Bucharest Stock Exchange supports the deepening of the capital market in Romania, the EBRD said.
NEPI Rockcastle Plc is a public limited liability company incorporated in the Isle of Man and listed on the Johannesburg Stock Exchange and Euronext Amsterdam focused on acquiring, developing and managing retail assets in CEE.
In Romania, NEPI owns 16 shopping malls and four office buildings.
In November, credit rating agency Fitch assigned NEPI Rockcastle a first-time Long-Term Issuer Default Rating (IDR) of BBB with a stable outlook.
($ =0.8051 euro)