Real estate investment fund New Europe Property Investments (NEPI) opened this Thursday its 70,000 (sqm) mall in Timisoara, western Romania. Shopping City Timisoara required an investment of EUR 83.8 million, according to company data. Its first development phase which consists of a Carrefour hypermarket and Media Galaxy store opened last November.
The project is built on an 18 ha plot of land and it features tenants such as Zara, LC Waikiki, Reserved, Sinsay, Suvari, Escudo, Adidas, Benvenuti, Bershka, C&A, CCC, Colin’s, Deichmann, H&M, Hervis, Intersport, Kenvelo, Koton, Levi’s, New Yorker, Noriel, Office Shoes, Pull&Bear, Sport Vision, Stradivarius, Tezyo, Tom Taylor Sephora, Douglas and Kendra. It also comes a food court and entertainment area with a 13-screen Cinema City multiplex which will open on April 15.
NEPI had a portfolio of 34 retail and office properties at the end of 2015 with an estimated fair value of EUR 1.8 million, according to company data. Most of the properties are located in Romania. Other shopping malls it owns locally include Mega Mall, Promenada Mall, Vulcan Value Centre and Iris Titan Shopping Center in Bucharest, Ploiesti Shopping City, City Park in Constanta and several other similar projects in other regional cities.