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BUCHAREST (Romania), October 7 (SeeNews) - NEPI Rockcastle, a property investment and development group incorporated in the Isle of Man, said on Monday it will inaugurate a shopping center in Romania's Targu-Mures in March following an investment of 70 million euro ($76.8 million).
"Shopping City Targu Mureș will bring various shopping, leisure options and new jobs to Targu Mures inhabitants, thus contributing to the economic development of the northern region," NEPI Rockcastle leasing manager Alin Burlacu said.
Built on a plot of land of 12.5 hectares, the new mall will have a rentable area of 40,000 square meters, including a multiplex cinema, a playground and a roof garden.
Some 75% of the mall area is already rented out.
Earlier this month, NEPI Rockcastle announced it plans to develop residential projects in five cities in Romania - an investment estimated at 83 million euro.
The residential projects will be developed around shopping malls in Brasov, Bucharest, Ramnicu Valcea, Satu Mare and Timisoara.
NEPI Rockcastle, listed on the Johannesburg Stock Exchange and Euronext Amsterdam, is focused on acquiring, developing and managing retail assets in Central and Eastern Europe. Its property portfolio is focused in Romania, Poland and Slovakia. The group has strong presence in Croatia, Bulgaria, Hungary, the Czech Republic, Serbia and Lithuania.
($= 0.9114 euro)