March 26, 2014

NEPI receives €20 million refinancing from Garanti Bank for shopping mall in Romania

NEPI receives €20 million refinancing from Garanti Bank for shopping mall in Romania

South African investment fund New Europe Property Investments (NEPI) has recently taken a €20 million loan from Garanti Bank to partially refinance its investment in Shopping City Galati in South – East Romania. The financing covers five years and was granted in February this year, the bank has announced.

Shopping City Galati was opened in November 2013, six months after the building permits were issued. The shopping center has a gross leasable area of 27,206 sqm and is fully leased. Tenants include Altex, B&B Collection, Benvenuti, C&A, CCC, Carrefour, Deichmann, dm, Domo, Flanco, H&M, KFC, Intersport, Killtec, Leonardo, New Yorker, Puma and Sensiblu.

NEPI already owns additional land for a future expansion of the project.

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