New Europe Property Investments (NEPI) South African fund, which two years ago bought a portfolio made up of 18 office buildings from Avrig 35 development group managed by businessman Alexander Hergan, will part with its biggest piece of property, Raiffeisen's Constanta headquarters, for almost six million euros. The building has an occupancy rate of below 70%, so that NEPI decided to profit from the option included in the contract regarding the possibility of it selling back the property to Avrig 35, which is to take it. "The group has the right to sell the property back (to Avrig 35), having an option in this regard. The deal is likely to be completed during 2010 financial year, at a price of 5.8m euros," reads a NEPI financial report. Avrig 35 representatives could not be contacted for comment by edition close. The building has an area of around 6,000 square metres and is located in Traian street, close to Constanta harbour. A total of 2,200 square metres are vacant, though, so that the building generates revenues of only 6.64 euros/square metre per month on average.
New Europe Property Investments (NEPI) South African fund, which two years ago bought a portfolio made up of 18 office buildings from Avrig 35 development group managed by businessman Alexander Hergan, will part with its biggest piece of property, Raiffeisen's Constanta headquarters, for almost six million euros. The building has an occupancy rate of below 70%, so that NEPI decided to profit from the option included in the contract regarding the possibility of it selling back the property to Avrig 35, which is to take it. "The group has the right to sell the property back (to Avrig 35), having an option in this regard. The deal is likely to be completed during 2010 financial year, at a price of 5.8m euros," reads a NEPI financial report. Avrig 35 representatives could not be contacted for co
