NEPI is pleased to announce the completion of the acquisition, through its wholly-owned subsidiaries NE Property Cooperatief U.A. and New Europe Property N.V., of Ingen Europe BV (“Ingen”) on 29 December 2010 (“the effective date”), as outlined in the company’s previous announcement dated 29 November 2010.
The effective date of the transaction is the date of transfer of ownership of the shares in Ingen into the name of NEPI.
The final purchase price (“the final purchase price”) will be determined formulaically in terms of the acquisition agreement taking into account the net operating income of the property, the indexation of rental income in January 2011 and the financial statements of Ingen and Floreasca Business Park S.R.L. as at the effective date. As far as there is a difference between the final purchase price and the estimated purchase price an adjustment amount will be paid between the purchasers and the sellers.