November 18 (SeeNews) - NEPI Rockcastle, a property investment and development group incorporated in the Isle of Man, said on Thursday it has started works on its first residential project in Bucharest and has applied for a permit to build a second one.
Following the receipt of the building permit during the third quarter of 2021, NEPI has started construction works for its first residential project in Bucharest, Vulcan Residence, it said in a business update posted on its website.
The group also said it has applied for a building permit for a second residential project, near Mega Mall, in the eastern part of the capital.
In the third quarter of 2021, the group completed land reclamation works for Promenada retail project in the southern city of Craiova. The fire permit and the environmental permit for the construction of the shopping centre have been received, which clears the way for the building permit issuance, NEPI added.
"The period after the reopening of shopping centres this summer indicated the potential for a quick recovery and confirmed the existence of robust customer interest for our retail offering. Tenant sales reached pre-pandemic levels in the third quarter across our portfolio. Footfall has also returned, although not at the same pace. The value of rent concessions granted decreased considerably and the leasing activity continued," NEPI CEO Alex Morar said.
"Although the economic and medical situation remains volatile, NEPI Rockcastle has the resources and flexibility that position it well for a continued recovery and return to a sustainable growth path," Alex Morar added.
NEPI's net operating income reached 251.5 million euro ($285 million) in the first nine months of the year, similar to the same period of the previous year.
NEPI Rockcastle is listed on the Johannesburg Stock Exchange and Euronext Amsterdam. The company is focused on acquiring, developing and managing retail assets in Central and Eastern Europe. Its property portfolio is focused in Romania, Poland and Slovakia. The group has strong presence in Croatia, Bulgaria, Hungary, the Czech Republic, Serbia and Lithuania.
($=0.8819 euro)