July 20, 2017

NEPI-ROCKCASTLE holds cornerstone ceremony for Promenada Novi Sad Shopping Center in Serbia

NEPI-ROCKCASTLE holds cornerstone ceremony for Promenada Novi Sad Shopping Center in Serbia

The Mayor of Novi Sad, Miloš Vučević and representatives of NEPI-ROCKCASTLE, Alexandru Morar (NEPI CO-CEO) and Jelena Jevremović (NEPI Asset Manager for Serbia) have officially laid a cornerstone at the location of the new Promenada Novi Sad shopping center project in Serbia.

The 150,000 sqm retail project will redefine the retail scene of Novi Sad and the Vojvodina region. Over EUR 100 million will be invested in the construction of Promenada Novi Sad by NEPI-ROCKCASTLE, while approximately 1,500 new jobs will be created.

Promenada Novi Sad, with 4 levels of retail and around 1,500 parking places, will be the largest and the most modern shopping center in Serbia with a new age concept. As the main retail center of the region, it will create an inflow of visitors on a daily basis, offering a unique mix of renowned international and national brands. Promenada Novi Sad will feature a vast range of entertainment with the most modern facilities, striving to bring the overall customer experience to the highest level.

According to Jelena Jevremović, NEPI-ROCKCASTLE Asset Manager for Serbia, Promenada Novi Sad will add 150,000 sqm of GBA to the prime shopping center stock in Serbia, which will be an increase of 25 percent to the current retail stock.

“We will build a shopping center which will have a significant impact on the retail market in Serbia. It will involve more than 1,500 people in its daily operations and will bring other businesses to the city, increasing the employment rate in Novi Sad. This project will also benefit the country by adding to its budget approximately EUR 20 million through various types of taxes and contributions,” explained Jelena.

Alexandru Morar, NEPI-ROCKCASTLE CO-CEO, emphasized that NEPI-ROCKCASTLE, the largest and the most active commercial real estate company in the CEE region, is very interested to invest in Serbia due to its great potential.

“Here in Serbia, we are already operating Kragujevac Plaza and we are looking forward to doing more projects in the region, for which we rely on local knowledge, partners and support from the authorities, like here in Novi Sad. We are long term investors – we do not build to sell, so we are focused on maintaining our properties in the best condition for the use of our clients. This is supported by the fact that we have about 4,000 tenants across our international portfolio and we intend to bring about 150 of them to this project in Novi Sad,” said Morar.

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