NEPI postpones opening EUR 70 mln mall in Romania due to COVID-19 restrictions
NEPI Rockcastle, the largest real estate investor in Romania by assets, has decided to postpone the inauguration of the newest shopping center in its portfolio, Shopping City Targu-Mures, and stopped new developments until there is "more clarity," Profit.ro reported.
The shopping mall in Targu-Mures involved an investment of EUR 70 million.
Built on a land of 12.5 hectares, the new mall in Targu Mures has a lettable area of 40,000 sqm, which includes a 10,000-sqm Carrefour hypermarket.
Initially scheduled for March, the opening was postponed to the third quarter. The decision comes amid restrictions in Romania due to the coronavirus pandemic. Shopping malls with an area of over 15,000 sqm are currently closed.
NEPI has also decided not to launch new construction projects until there is more clarity on the impact of Covid-19 on its operations.
Last year, the fund bought a 20-hectare plot in Craiova, where it intends to build the Promenada Craiova shopping center. The total investment is estimated at around EUR 110 mln, and the construction will start after obtaining all the necessary approvals.
(Photo source: Facebook/Shopping City Targu Mures)