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BUCHAREST (Romania), December 7 (SeeNews) - Real estate investment trust (REIT) New Europe Property Investments Rockcastle (NEPI Rockcastle) on Thursday opened a 40 million euro ($47.3 million) shopping mall in Ramnicu Valcea, in southern Romania.
The 27,900 sq m shopping mall is expected to be the main shopping and leisure destination in the region, generating hundreds of jobs and contributing to the growth of the local economic activity, NEPI said in a press release.
Besides international tenants, the shopping centre will also host local brands. Also, starting 2018, the mall will accommodate the largest and most modern cinema multiplex in the region - Cinema City - featuring six movie theatres.
"The decision to invest in Ramnicu Valcea is due to the significant potential of the whole region and is a clear proof of our commitment to develop the retail market in Romania. Shopping City Ramnicu Valcea is not only one of the most important shopping centers in our portfolio, but also the most important mall in the region, due to its commercial offer and to the modern design of the building," NEPI Rockcastle asset manager head Sebastian Mahu said.
Together with the mall, a new Carrefour store opened its doors on Thursday, with a range of more than 50,000 products, a sales area of 7,500 sq m and 300 employees.
Besides the Ramnicu Valcea mall, the company has announced a 90 million euro total investment in two shopping malls in Romania's Targu Mures and Satu Mare this year.
In November, NEPI said it has invested 30 million euro in the first expansion phase of its mall in Galati, eastern Romania. The expansion works began in March and added 21,000 sq m to the already existing 27,000 sq m of commercial area in the mall.
Also in November, credit rating agency Fitch assigned NEPI Rockcastle a first-time Long-Term Issuer Default Rating (IDR) of BBB with a stable outlook.
($ =0.8457 euro)