South African NEPI Investments Fund announced on Friday it is to buy the Mega Mall project on the development of a commercial center in the generous location of the former Electroaparataj factory of eastern Bucharest, informs Bucharest Stock Exchange (BVB) web page, Agerpres reports.
Through its subsidiaries NE Property Cooperatief U.A. and NEPIOM Limited, NEPI reached a framework agreement with the Hungarian Real Holding Lithium Kft., and the Austrian Real4You Holding GmbH, that also owns Real Holding Lithium Kft. (‘Real4You’). According to the framework agreement, the parties must carry out certain operations and reach several individual agreement so that NEPI could buy 70 per cent of the ELJ Vatra SRL, an Ltd. working in compliance with the Romanian laws, reads NEPI report sent to BVB. The agreement is also under previous terms that must be fulfilled or canceled, by late Aug 2013, including NEPI’s right to fully or partially meet its payment obligations to the seller.
Real4You is an Austrian real estate developer holding investments in several Central European countries. ELJ Vatra SRL owns the location the Mega Mall is to be erected on.