September 24, 2014

NEPI negotiating Promenada Mall takeover from Raiffeisen Evolution

NEPI negotiating Promenada Mall takeover from Raiffeisen Evolution

South-African investment fund New Europe Property Investment (NEPI), one of the largest real estate investors in Romania, is reportedly negotiating the takeover of Promenada Mall from Austrian developer Raiffeisen Evolution, according to sources quoted by Mediafax.

Promenada was inaugurated in October 2013 and the total investment in the mall was of €130 million, of which €95 million was a loan from Raiffeisen Bank. The Austrian developer might be looking to get €150 million for the project, including the takeover or repayment of the loan from Raiffeisen Bank.

The shopping centre is located in the Barbu Vacarescu area, one of the main office locations in Bucharest. Promenada has a gross leasable area of 35,000 sqm and is almost fully occupied.

NEPI is one of the most active real-estate investors in Romania. The fund bought or developed several shopping centres in Bucharest, but also in other cities in Romania. Among the most important projects are Ploiesti Shopping City, City Park Constanta and Vulcan Value Centre in Bucharest.

Polish real-estate developer GTC and Greek businessman Ioannis Papalekas were also rumoured to be interested in Promenada mall. Papalekas is currently developing an office building next to Promenada.
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