NEPI takes over Belrom’s Braila park, two more acquisitions in pipeline

Newsroom 12/10/2009 | 15:58

KBC has agreed to provide New Europe Property Investments with a EUR 113 million facility for these acquisitions out of which EUR 40 million will be used to part-finance the first acquisition. Launched in 2008, European Retail Park Braila is a 53,000-sqm GLA project, with anchor tenants including Carrefour, Bricostore and Staer. The acquisition has been structured in two components to include cash and shares issued by NEPI, quoted on the AIM market of the London Stock Exchange and on the Johannesburg stock exchange. “We are pleased to close the first acquisition of a number of retail centers with Belrom and we look forward to a long and mutually beneficial relationship,” said Martin Slabbert, managing director of NEPI. The fund had previously placed an offer for Atrium shopping centers in Romania but the deal did not go through. Belrom has delivered five retail parks in cities outside of Bucharest: Sibiu, Braila, Targu Mures, Bacau and Focsani (in total around 300,000 sqm), whilst another four are to be delivered in the next two years. “We are happy about this newly signed partnership. Their experience and financial strength will be an asset for our existing operational projects and will speed up our forecasted retail park developments. We do believe a lot in the future of Romanian retail,” said Steven Van Den Bossche, managing director of Belrom Real Estate.The buyers were advised by Reff and Associates, the affiliated law firm of Deloitte in Romania and Optim PM. Voicu Filipescu advised the sellers and DTZ Echinox acted as agent.
Corina Saceanu

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