New Europe Property Investments says its net asset value (after adding back deferred tax) rose to 3.89 from 3.70 over the first half of 2014. Recurring income rose by 19% when compared to the first half of 2013. The company is paying a distribution to shareholders of 14.87 euro cents per share.
The company says that Mega Mall (Bucharest), Vulcan Value Centre (Bucharest) and Shopping City Targu Jiu retail developments are substantially let and should be completed as scheduled. In addition they have opened a strip mall in Vaslui, Romania and construction work on The Office in Cluj-Napoca is nearing completion. Construction work on another office development in Bucharest should start shortly. New Europe Property Investments has acquired land in Timasoara (18ha) and Piatra Neamt (7.4ha). They hope to extend their retail assets in Constanta, Deva and Severin (subject to planning and pre-letting).
Excluding assets held for sale, vacancy at the end of the period was 1.4%. The overall debt ratio declined during the period and is well within their 30% target. They had €164m in cash and liquid securities available to fund development work at the end of the period.