South-African investment fund NEPI will develop a 30,000 sqm office building that will be connected to the shopping center Promenada Mall in the north of Bucharest.
NEPI also looks into expanding the retail area. The shopping center which now covers 40,400 sqm will expand by an extra 34,000 sqm, reports local Ziarul Financiar. The whole project should be due in 2018.
Promenada generates revenues of EUR 10 million annually. In total, NEPI earns about EUR 75 million annually from renting the shopping centers and other retail projects it owns in Romania.
The fund is the largest owner of retail spaces in Romania.