NEPI Rockcastle has EUR 650 mln development budget, most of it for projects in Romania

The regional developer and administrator of commercial centres, NEPI Rockcastle, announced a budget of over EUR 650 million for development projects, nearly 10% of the value of its EUR 6.8 billion portfolio in nine countries of Central and Eastern Europe.

NEPI Rockcastle has a portfolio of 168,800 sqm of projects under construction or modernization (compared to its 2.2 million sqm portfolio), already started or planned for 2024 in Romania, Poland, Bulgaria, and Hungary.

Two major projects in Romania sum up to EUR 330 million.

The most important project is the expansion of the Promenada Mall in Bucharest, worth approximately EUR 282 million. The project is large and involves the excavation of the deepest basement of the building from Central and Eastern Europe, of 26 meters, where a parking lot of 2,400 places will be built, located on six levels.

The development of Galati Retail Park will involve EUR 48 million of investments as well. The project will have 33,200 sqm.

Another project in Romania concerns the expansion of Ploiesti Shopping City, which involves adding 7,400 sqm.

(Photo source: the company)