Johannesburg-listed investment fund NEPI Rockcastle, the largest real estate investor in Romania, plans to go ahead with expanding its Promenada shopping mall in northern Bucharest under a project estimated to exceed EUR 50 mln.
The extension would include 24,000 square meters of new retail spaces added to the mall and the construction of a 50,000-sqm office building, according to past statements of the developer.
Promenada mall is located in a densely populated business district, has 40,300 sqm, and was developed by Raiffeisen Evolution. NEPI took it over in 2013 for EUR 148 mln.
In 2014, NEPI bought a 1.2 hectare plot of land next to the Promenada Mall for the expansion of the project. The works for the extension of the mall and the construction for the offices could start, depending on permits and weather, by the end of this year, Economica.net reported. The maximum height regime for the new developments is 80 meters.
(Photo courtesy of the company)