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BUCHAREST (Romania), September 13 (SeeNews) - Real estate investment trust (REIT) New Europe Property Investments Rockcastle (NEPI Rockcastle) said on Wednesday it plans to invest 50 million euro ($59.6 million) in a shopping mall in Targu Mures, in central Romania.
Works on the 50,000 sq m shopping mall will start at the beginning of 2018 and are expected to complete in the fourth quarter of the same year, NEPI said in a press release.
"We noticed that there is a need in Targu Mures for a premium retail destination that is aligned with the regional public's profile," NEPI Rockcastle asset manager Iuliu Bartha said. "With this investment, we aim to offer our visitors a complete shopping center, an ultra-modern shopping and entertainment space, international brands and unique leisure options."
The new shopping centre will host local and international brands, a hypermarket, a cinema and recreational facilities in the area of restaurants and cafes.
In June, NEPI Rockcastle said it plans to invest 40 million euro in a shopping mall in Ramnicu Valcea, in southern Romania. The 27,900 sq m shopping mall will be inaugurated at the end of 2017.
In April, the company announced an investment of 40 million euro in a shopping mall in the northwestern city of Satu Mare. The 28,000 sq m shopping mall will be inaugurated at the end of 2018.
At the end of 2016, NEPI merged with South African commercial property investor and developer Rockcastle and created the largest listed real estate player in CEE, NEPI Rockcastle PLC, registered in the Isle of Man. As a result of the merger, in June this year, NEPI delisted from the Bucharest Stock Exchange (BVB). However, it is still listed on the Johannesburg Stock Exchange and on Euronext Amsterdam.
NEPI is an Isle of Man-based company investing primarily in the high quality office, retail and industrial property market initially in Romania and thereafter in other Central and Eastern European countries.
NEPI’s portfolio in Romania includes projects such as Mega Mall, Iris Titan Shopping Center, Promenada Mall and Vulcan value Centre in Bucharest. The company has also developed projects in the industrial sector, such as Rasnov Industrial Facility and Otopeni Warehouse. In the office real estate market NEPI owns Floreasca Business park, The Office and Lakeview.
($ = 0.8363 euro)