WOOD Flash – NEPI Rockcastle: buys Silesia City Centre in Katowice for EUR 405m (7.1% yield)
NEPI Rockcastle (NRP) has announced that it is buying Silesia City Centre, an 88k sqm GLA shopping centre in Katowice, Poland. The sellers are Allianz Finance VII Luxembourg S.A. (45%), Kamsa Luxco 2 S.à r.l. (45%) and Cura Beteiligungsgesellschaft International m.b.H. (10%). At EUR 405m, the price implies a 7.1% yield on the in-place rental income, and EUR 4.6k per sqm. The centre seems like a good addition to NRP's EUR 7.4bn portfolio. In our view, the deal fits well into NRP’s strategy of acquiring large, well-known, regionally-dominant core assets. The yield also offers a substantial premium over the cost of debt, which we estimate at around 4.0%.NEPI Rockcastle is engaged in developing, acquiring and holding commercial properties, either directly or indirectly through the acquisition of listed equities.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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