The newly incorporated company, which has funds of €53.6 million (£36.2 million) available as a result of the placing, will begin by focusing on opportunities in Romania.

Some 12.9 million shares were issued in the initial public offering (IPO), raising the company €25.1 million after expenses at a placing price of €2 per share. In addition, some purchasers of the placing shares have agreed to subscribe for further shares at the placing price should the company require further funding. This additional commitment, which NEPI must draw down by the end of the year, is worth €27.8 million.

NEPI’s chairman Peter Gray comments: ‘We believe [this launch] 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.’

The company, which is registered in the Isle of Man, will invest in office, retail, industrial and logistics properties. Up to ten per cent of its investments may be in assets that require development in order to generate income, including five per cent in undeveloped land.

Within days of NEPI’s IPO, another property investment vehicle, Taliesin Property, also listed on AIM. Taliesin, which focuses on residential properties in and around Berlin, raised €37.8 million through private placings. It will use the funds to expand its current portfolio of 36 properties.