New Europe Property acquires Promenada Mall in Romania for EUR148m

New Europe Property Investments (Nepi‚ NEP) said on Monday that through its subsidiary NE Property Cooperatief UA it had concluded an agreement to acquire Promenada Mall in Bucharest Romania for €148m.

Nepi said the mall was located close to the Floreasca Business Park and the Lakeview office buildings‚ both owned by the company‚ in Bucharest’s emerging business district.

“This area has seen significant development in recent years‚ including new A-grade office buildings and infrastructure‚ and the property is expected to benefit further from a substantial office development pipeline. The property has excellent visibility and public transport connections: metro‚ bus and tram lines‚ and is linked to the city centre by two major boulevards‚” the company said.

Nepi said Promenada contained numerous international fashion brands‚ such as Adidas‚ Bershka‚ C&A‚ Deichmann‚ H&M‚ Hervis‚ Intersport‚ Lacoste‚ Massimo Dutti‚ Oysho‚ Peek & Cloppenburg‚ Promod‚ Stradivarius‚ Tommy Hilfiger and Zara.

Other tenants included a Billa supermarket‚ a gym‚ several international fast-food brands‚ including KFC and McDonald’s‚ and various other international and national tenants.

The transaction was completed on October 31 and the purchase price was settled from Nepi’s existing cash resources.

Get commercial property news by email

Free alerts when we publish — pick a focus or get everything, unsubscribe in one click. Subscribe »