BIG CEE buys Serbian retail park Promenada Novi Sad for 177 mln euro

"The consideration for the Serbian Property is 177 million euro and is payable on the completion date. The net proceeds from the disposal will be used to fund NEPI Rockcastle’s pipeline of acquisitions and developments," NEPI Rockcastle said in a statement earlier this week.

It noted that the sale is in line with its investment strategy to focus on core dominant properties and on increasing its presence in countries with investment grade rating. Following the disposal, NEPI Rockcastle will no longer have properties and will cease its operations in Serbia.

BIG CEE BV is a subsidiary of Israel's BIG Shopping Centers. Founded in 1994, Herzelia-headquartered BIG Shopping Centers operates in Israel, the US, France, Serbia and Montenegro.

BIG CEE holds and operates 13 shopping centres in Serbia and two in Montenegro, according to its website.

NEPI Rockcastle, incorporated in the Isle of Man, owns and operates shopping centres in nine Central and Eastern European countries. Its shares are listed on the Johannesburg Stock Exchange, Euronext Amsterdam and A2X.

($ = 0.926 euro)