NEPI Rockcastle, the biggest mall owner in Romania, has completed the acquisition of a 20-hectare land plot in Craiova, where it plans to develop one of the biggest retail projects in the Oltenia region.
The value of the investment is estimated at EUR 110 million and the construction will start once the developer gets the necessary permits.
“We are happy to announce this investment because we have signals that over 400,000 Romanians in the country’s south-western region are waiting for a project such as Promenada Craiova,” said NEPI Rockcastle CEO Alex Morar.
“We want to offer our visitors a complete shopping and entertainment experience, with national and international brands, many of which will come to Craiova for the first time, and the concept will be a special one, created based on the latest European standards in retail,” he added.
Promenada Mall Craiova will have a leasable area of 70,000 sqm and over 150 shops and restaurants. The project, located in the vicinity of Craiova’s biggest residential area, will also have a hypermarket, a cinema and a Dedeman do-it-yourself store. The project should be completed by the end of 2021.
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Johannesburg-listed investment fund NEPI Rockcastle, the largest real estate investor in Romania, plans to go ahead with...