NEPI Rockcastle, the biggest mall owner in Central and Eastern Europe, announced plans to develop residential projects around the commercial spaces it already owns. In Romania, the fund will develop residential projects in five cities: Brașov, Bucharest (around both Mega Mall and Vulcan - pictured), Râmnicu Vâlcea, Satu Mare, and Timișoara.
The budget for the projects to be developed in Romania was estimated at EUR 83 million.
The project are currently in their early stage but they will be completed within two to four years.
“Developing residential projects around our shopping malls is a natural step that addresses the needs of young active communities that value their time as the most valuable commodity. By combining the malls in our portfolio with new residential properties we are going to create vivid spaces where people can meet, relax, shop and discover unique experiences close to their homes,” said Andrei Radu, Development Director NEPI Rockcastle.
(Photo courtesy of the company)