South-African investment fund New Europe Property Investment (NEPI) paid EUR 148 million for the Promenada Mall in Bucharest to Raiffeisen evolution, which invested EUR 130 million in the project. The group paid cash from its own funds, writes Mediafax.
New Europe Property Investments (NEPI) started a due diligence process for the acquisition of Raiffeisen Evolution’s Promenada mall in Bucharesy in September.
“We are indeed in a due diligence process for acquiring Promenada. We find ourselves among the investors interested in this project, but NEPI has sufficient resources to buy Promenada. We hope to finalize the takeover as soon as possible, but it is not just up to us, it is also up to the seller”, said Marting Slabbert, NEPI executive director.
The Promenada mall was inaugurated in October 2013, following a EUR 130 million, of which EUR 95 million was financed with a loan from Raiffeisen Bank. The mall has a leasable area of 40,300 sqm and generates annual rent revenues of about EUR 10 million. The average monthly rent is EUR 22 per sqm.
“The property contains 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 include a Billa supermarket, a World Class gym, several international fast food brands, including KFC and McDonalds, and various other international and national tenants,” according to NEPI.