November 7 (SeeNews) - Real estate investment fund New Europe Property Investments said on Monday it had indirectly acquired Arena Centar shopping mall and adjacent land plots in Croatia's Zagreb by purchasing local company Granit Polus Laniste d.o.o from Lobularia Ventures Limited for 237.5 million euro ($262.5 million).
NEPI acquired all the issued shares in, and shareholders’ claims against, Laniste - the sole owner of Arena Centar, as well as approximately 4.4 ha of adjacent land plots, via its subsidiary NE Property Cooperatief UA on November 4, it said in a statement on its website.
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Arena Centar is the largest shopping centre in Zagreb and benefits from an excellent location, next to the national arena (the largest indoor sports and concert hall in Croatia), on the main highway linking the city with the Adriatic coast. It is 94.5% let and contains numerous international fashion brands.
The additional land plots acquired can be used for a future extension of the centre and can also support a variety of stand-alone developments, due to the highly favourable zoning parameters, NEPI said.
New Europe Property Investments plc is a commercial property investor and developer listed on the Main Board of the Johannesburg Stock Exchange Limited (JSE) and the regulated market of the Bucharest Stock Exchange (BVB).
($=0.904831 euro)