NEPI Rockcastle acquired Paradise Center in Sofia, Bulgaria, through its subsidiary company NEPI Project two EOOD.
The transaction is subject to approval by the Bulgarian Competition Authority. With this acquisition, NEPI Rockcastle will strengthen its position as the largest retail real estate company in Central and Eastern Europe, as well as its presence in the Bulgarian market.
In June this year, the company announced that it has agreed to buy the retail complex Serdika Center and the Class A office building Serdika Office in Sofia.
Spreading over a gross leasable area of 82,000 sqm, Paradise Center is the largest shopping mall in the Bulgarian capital. The complex is located in the affluent southern part of Sofia, which is currently undergoing strong development.
Opened in 2013 and benefitting from a corner location at the intersection between two main traffic arteries with direct access to the newly built M2 metro line, Paradise Center has an annual footfall in excess of 10 million visitors.
Its tenant mix encompasses major local and international brand names, including Bershka, Cinema City, Forever 21, H&M, LC Waikiki, Massimo Dutti, New Yorker, Sport Vision, Sephora, Stradivarius, Technopolis, Zara, Reserved and many others.
The center has a strong food and entertainment area, which includes both a complete fast and slow food line up, a fitness facility with a 25m swimming pool, as well as a playground.
Several asset management initiatives, including major improvements to the basement and the terrace level together with enhancements to the tenant mix, will further strengthen its dominant market position.