Advised by Colliers International, Neocity Group has sold their 29,000 sqm shopping center in the city of Constanta, Romania to New Europe Property Investors (NEPI) in an €81 million deal.
After the pioneering development exit of the office buildings Neocity Tower I and II in the financial district of Bucharest, City Park Mall represents the second notable development and exit of Neocity Group in the Romanian market.
Nimrod Ben Ami, CEO Romania for Neocity Group stated: “We’ve been able to develop and manage City Park Mall of Constanta with remarkable resilience during a challenging economic and market environment. We are proud of having been able to deliver one of the most successful retail centers in Romania and for the lasting relationship we have built with our tenants and partners. Going forward, Neocity Group has high confidence in the future of the Romanian market and we are searching for new opportunities to invest here.”
Robert Miklo, Associate Director of Investments at Colliers International, commented: “The sale of City Park Mall represents the largest retail transaction and the second largest overall single phase transaction of the Romanian market in the past five years. City Park is an outstanding asset and with further development potential which represented a compelling investment opportunity. The deal is also a vote of confidence with Romania becoming a more compelling target for investors.”