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Investment vehicle New Europe Property Investments (NEPI) has launched on AIM raising €25.75 million (£17.9 million). More than 12.8 million shares were placed, with the market capitalisation set at the raised amount.

Although the company’s initial investment focus will be mainly in Romania, the group will also consider investment opportunities elsewhere in Central and Eastern Europe.

Chairman Peter Gray said: “We believe that the launch of this investment company enables shareholders to participate in the development of a region that is experiencing unprecedented growth and opportunities with its accession to the EU. We hope that the company will not only achieve excellent returns for its shareholders but that it will make a significant contribution to the future development of Romania.”

NEPI is a newly incorporated Isle of Man company with an investment objective to provide shareholders with an opportunity to invest in a dividend paying, long term closed-ended fund that could serve as a vehicle for investors seeking Central and Eastern European investment opportunities that yield stable absolute returns and portfolio diversification.

Maitland advised NEPI on the legal aspects relating to its admission to AIM, including providing specialist advice on the investment advisory agreement with the investment adviser and tax structuring. The promoters of NEPI and key individuals related to the investment adviser were existing clients of Maitland’s South African offices.

Alexandru Reff led Reff & Associates, the correspondent law firm of Deloitte Romania, providing advice on Romanian law matters in the AIM admission process.

The Maitland team comprised a number of individuals spread across three Maitland offices, namely London, Luxembourg and the Isle of Man. The team was led by Rupert Weber and Nizan Olsha, partners in the London office and Herman Troskie, partner in the Luxembourg office.

Weber said: “Maitland is confident that, owing to the impressive track record of the key executives of NEPI’s investment adviser, NEPI will grow to become a prominent Central and Eastern European property fund.”

The company’s investments, initially focused in Romania, will include investments in office, retail, industrial and logistics properties. These types of investments will include, but will not be limited to, sale and leaseback transactions and acquisitions of single properties or portfolios of multiple properties.

KPMG provided accounting advice throughout the deal, with Smith & Williamson acting as NOMADS.

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