Nepi buys land in Eastern Romania for mall development

The South-African fund New Europe Property Investments (NEPI) plans to acquire a 7.4 hectares land in Piatra Neamt, Eastern Romania for developing a commercial center of 29.000 sqm.

2014-08-01 14:03:10

The fund also plans to take over the remaining 30 per cent of Mega Mall project in Bucharest, delivering over 70.000 sqm and rented share of 85 per cent. The project will be completed in the second quarter of 2015. Nepi took over 70 per cent of Mega Mall developed by Austrian Real 4 You in 2013, following an investment of 150 million Euro, secured from Erste Bank.

The South-African fund, NEPI, ranking the top of most dynamic investors in local real estate, announced it runs projects worth over 460 million in Romania, totaling a GLA exceeding 250 thousand sqm.

Following the completion of all ongoing projects, NEPI will reach 660.000 sqm in asset portfolio, adding to the already owned leasable area of 380.000 sqm and projects evaluated at over 656 million Euro. Most of the ongoing projects developed by Nepi will be completed in 2014 and 2015.

This year, the fund plans to finalize the Vulcan Value Centre in Bucharest, with a GLA of over 25.000 sqm, rented 93 per cent. The complex has been developed with 47 million Euro and expects revenues following yearly rents of 4.1 million Euro. Also, the first stage of Shopping City in Targu Jiu is to be completed this year, with GLA of 26.800 sqm and occupancy rate of 85 per cent. The investment at Targu Jiu reaches 30.1 million Euro and budgeted revenues from rents of 2.95 million.

Also, NEPI finalized the first building of The Office complex in Timisoara, co-owned by businessman Ovidiu Sandor. The building of over 21.000 sqm has been developed with 22.5 million Euro.
Also, the largest investment of Nepi in Romania is the commercial center Mega Mall in Bucharest, with an investment of 165 million Euro and 70 per cent participation in the project. The complex will have 70.700 sqm and it is expected to bring revenues from rents of 16.5 million per year. The mall is currently rented as 85 per cent.

In 2015, NEPI plans to finalize the first stage of a retail project to be built on a land acquired from cristescu family at Timisoara. The investment in the project is estimated at 78 million and it will deliver retail spaces totaling 50.000 sqm. Nepi also has undergoing expansion plans for three commercial centers in Romania, including City park mall Constanta (of 21.000 sqm and investment of 36 million Euro), Shopping City Deva (10.000 sqm, investment of 14 million Euro) and Severin Mall (10.000 sqm, investment of 9 million Euro), to be completed in 2015. cu termen de finalizare în 2015.

In Bucharest, NEPI will also develop an office building at Piata Victoriei, of 8.000 sqm, following an investment of 32 million Euro, with the completion set for 2015. By 2016, Nepi plans to cut the ribbon for the next two buildings within The Office complex at Cluj, involving investment of over 47 million. The two buildings will total 33.000 sqm and the rents will sum 5.8 million Euro per year, plus the 3.3 million from renting the first office building in the complex, operable since May this year.

In Romania, Nepi owns other projects such as City Park Mall Constanta, Ploiesti Shopping City, Retail Park Pitesti, Floreasca Business Park, Lakeview in Bucharest and City Business Centre Timisoara.