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March 5, 2021
BUSINESS

The Promenada Mall will be purchased by the NEPI investment fund from Raiffeisen evolution

The NEPI investment fund will purchase the Promenada mall, an initial investment of EUR 130 million opened a year ago in Floreasca neighbourhood, in Bucharest. The transaction was confirmed a month ago by Martin Slabbert, the executive manager of NEPI.
Sources from the real estate market declared that an official announcement regarding the transaction will be made soon. “Indeed, we are in a due diligence process for the purchase of Promenada. We are among the investors interested by this project, and NEPI has the required financial resources to purchase Promenada. We hope that we will finish the acquisition as soon as possible, but it does not depend solely on us, but on the seller, the executive manager of NEPI declared a month ago.
NEPI, one of the greatest real estate investors, manages commercial centres totalizing approximately 330,000 square metres in Romania, including important centres such as Ploiesti Shopping City, City Park Constanta or Vulcan Strip Mall in Bucharest. Also, the South-African investment fund is now building the Mega Mall commercial centre in the Pantelimon area. Sources from the real estate market declared that Raiffeisen evolution, the developer of Promenada, received offers from behalf of several experienced investors, as well as from behalf of newcomers, and has gained a short list of the best five offers. Among the investors, there is the GTC real estate developer that owns the City Gate office buildings in Bucharest and the Galleria commercial centres in Arad, Piatra Neamt and Buzau, but also the businessman Ioannis Papalekas, one of the most active real estate buyers in the last few years. The same sources mentioned that Raiffeisen evolution would be interested to sell the project at over EUR 150 million. The sum also includes overtake or payment of the EUR 95 million loan contracted by Raiffeisen evolution from Raiffeisen Bank in order to develop the commercial centre.
By the middle of October, last year, Raiffeisen evolution opened the commercial centre Promenada Mall, the last stage of the Floreasca City project, a total investment of EUR 300 million that also includes two office buildings and the Sky Tower. The office buildings were sold to the Raiffeisen group. The commercial centre is placed at the junction of Floreasca Road, Pipera Highway and Barbu Vacarescu Street, an area dominated mostly by office buildings, most of them made during the last five years.
Promenada Mall provides rentable surface of 35,000 square metres, 95 per cent of it contracted at the date of opening, structured in 140 stores and 1,300 underground parking spots.  The commercial centre has six floors, two of them underground, destined for parking, and the next four levels destined for commercial activity.
At the time being, NEPI is developing in Romania investments of over EUR 460 million, in new projects or extensions of existing projects. The total rentable surface resulted after these projects are finishes is estimated at over 250,000 square metres.

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