NEPI enters joint venture for the development of Victoria City Center in Bucharest

New Europe Property Investments (NEPI), Benevo Capital and CD Capital have formed a joint venture for the development of the 56,000 sqm of lettable area Victoria City Center. The shopping center is located on Bucurestii Noi boulevard in Bucharest.

“We are very excited to be a part of this initiative as the planned shopping center will be world class and in the Northern part of Bucharest which is under-serviced.  We have been looking at many retail opportunities in Bucharest over the past two years.  Victoria City Centre stood out from the other opportunities analyzed due to its location and concept.” said Martin Slabbert, CEO of NEPI.

The project stands on a site of 52,230 sqm and will feature a 4,500 sqm food anchor (the first in Bucharest) and more than 32,000 sqm of local and international fashion and related tenants.  Victoria City Centre will also boast sports, home appliances, home decoration and health and beauty offerings as well as an 8,000 sqm roof top entertainment zone featuring amongst others cinemas, restaurants, bars and pubs and a health club.

 “We are pleased to welcome NEPI as our joint venture partner. NEPI brings a great level of retail experience both within Romania and internationally. We couldn’t have asked for a better partner and have assembled a winning team for what will be Bucharest’s leading retail and entertainment project – Victoria City Center. We also thank the efforts of The Advisers and Colliers, who have been of assistance to CD Capital and Benevo in launching this project and the NEPI joint venture”, said Todd Cowan, managing partner at CD Capital, and a previously with TriGranit Development.  

“Benevo Capital is enthusiastic about partnering with NEPI and CD Capital in developing this world class shopping and entertainment project. Benevo is committed to the Bucharest real estate market for the long term and intends to make further investments and grow its portfolio of assets”, commented Michael Topolinski, CEO of Benevo Capital.

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NEPI has been active in Romania since its launch in 2007. Some of its recent investments are the acquisition of Floreasca Business Park (December 2010), the acquisition of the remaining part of the Auchan Retail Park in Pitesti (May 2011), the completion and opening of a leisure extension of Promenada Mall Braila (April 2011) and the completion of a refurbishment of an office building in Brasov (June 2011).  NEPI is currently completing a strip mall development in Brasov and the refurbishment and extension of the Auchan Retail Park in Pitesti. The Group has embarked on the development of a 55,000 sqm (gross lettable area) regional shopping centre in Ploiesti in joint venture with Carrefour Property.

NEPI is currently listed on the main board of the Johannesburg Stock Exchange (South Africa) and the AIM market of the London Stock Exchange and, starting from June 2011, is also listed on the Bucharest Stock Exchange.  The group recently announced a EUR40 million underwritten rights issue that is expected to complete in December 2011.

Benevo Capital was founded by Michael Topolinski. As an international investor, Michael has substantial holdings in private companies in North America and Europe. Since 2007, Michael has built the largest portfolio of residential apartments and made other significant real estate investments in Bucharest.

CD Capital was founded by Todd Cowan and Jordan Dermer, previously the Chief Executive and Chief Development Officers of TriGranit Development where they were actively involved in the development of retail, office, residential and hotel projects in Central and Eastern Europe, from 1996 to 2006. Prior to this, both were executives at Trizec Properties performing asset management, acquisition and leasing across Canada.

CD Capital is committed to becoming a leading opportunistic real estate development and value-add investment group. The Company is privately held by the founders and typically forms partnerships with private and institutional investors.