Nepi Rockcastle acquires Festival Sibiu Mall Project in Romania
New Europe Property Investments Rockcastle (NEPI Rockcastle), a leading commercial property investor and developer in Central and Eastern Europe, has acquired the Festival Sibiu shopping center project in Romania from Primavera Development for €21 million.
The 43,000 sqm shopping center represents an investment estimated at €70 million and is expected to be completed at the end of 2019.
According to Primavera Development’s website, Festival Shopping Center will be situated on a prime downtown location, within walking distance from the main square in the historical center of Sibiu.
The project will be designed to significantly enhance the local retail landscape, offering a select mix of more than 160 retail stores, as well as bistros, cafes and restaurants.
Currently, NEPI also owns the retail complex Sibiu Shopping City, which they purchased in 2016 for €100 million.
In addition, the company operates a number of successful shopping center projects in Romania, including Mega Mall, Promenada Mall in Bucharest, Shopping City Timisoara, Shopping City Galati, Ploiesti Shopping City, Shopping City Targu Jiu and Shopping City Piatra Neamt.