NEPI puts 6 million Euro in refurbishing Aurora mall in Buzau

The South-African fund NEPI would secure 6 million Euro for modernizing the Aurora Shopping Mall in Buzau, acquired by the fund from former owner, Romanian businessman Dan Ostahie.

2014-10-20 14:41:41

The fund acquired Aurora Shopping Mall in Buzau and a commercial center of 3.200 sqm in Alba Iulia for 10 million Euro. The mall in Buzau includes tenants such as Altex, Carrefour, Deichmann, New Yorker. Aurora mall has been developed with 25 million Euro and opened in 2008, with a rentable area of almost 18.000 sqm. The commercial center in Alba Iulia has tenants such as Altex, Deichmann, dm, Lems and Takko.

In August, the fund launched the Vulcan Value Centre in Bucharest, with a GLA of over 25,000 sqm, 93 per cent of which is rented. The complex has been developed with 47 million Euro and expects revenues following yearly rents of 4.1 million Euro. The complex will have anchors such as Carrefour, H&M, C&A, Domo, Takko and Deichmann.

Following the completion of all developing projects, NEPI will reach 660,000 sqm in its 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.

Also, the first stage of Shopping City in Targu Jiu is to be completed this year, with GLA of 26,800 sqm and an 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 Euro. 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.

The largest investment of Nepi in Romania is the commercial centre 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 is currently rented at 85 per cent. 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.