Nepi shakes off Viceroy report with bond

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By Francesca Young
16 May 2019

Nepi Rockcastle, a Johannesburg- and Amsterdam-listed real estate fund, printed a €500m four year bond on Wednesday. In doing so, it seemed to shake off concerns about the company raised by research firm Viceroy in November, though investors still had questions during the marketing of the bond.

In November, Viceroy accused Nepi, which is focused on central and eastern Europe, of drastically overstating profits from its Romanian subsidiaries. The share price fell 14% on the day the report was published.

Nepi denied Viceroy’s claims and said the discrepancy was down to accounting differences. The fund generates ...

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