Carrefour and NEPI get EUR 26 million loan from BRD to complete Ploiesti mall

Newsroom 23/07/2012 | 08:54

Carrefour PropertyRomania and New Europe Property Investments (NEPI) have obtained a loan from BRD – Groupe Societe Generale to complete works on the 55,000 sqm Ploiesti Shopping City mall they are developing near Ploiesti, Carrefour representatives announced today.The project will require a EUR 65 million investment, 60 percent of which will be own funds and the rest will be the BRD loan.

Works on Ploiesti Shopping City started in December last year and the project should be delivered this November.

The shopping mall will be located close to the National Road 1 (DN1) which connects Bucharest to thePrahovaValley, by extending the existing Carrefour hypermarket in Ploiesti. Some 50 percent of the mall is already leased, Carrefour representaives have previously said. Among the retailers which will be present in the future shopping mall there are Cinema City, Zara, Pull and Bear, Berska, Oysho, Sephora, Massimo Dutti, Stradivarius, Orsay, Office Shoes, Benvenuti, Lee Cooper, Be In Time, Sephora, Mohito, Altex, Noriel and Gymboland.

The two developers estimate that the project will become the most important shopping mall in the region and that it will benefit of a catchment area of 700,000 inhabitants from Ploiestiand several neighboring towns like Targoviste, Campina, Comarnic, Blejoi, Breaza, Baicoi and Urlati.

The local portfolio of South-African investment fund NEPI was estimatd at EUR 425 million at the end of 2011, up 18 percent y-o-y, according to the company.