South African real estate investment company NEPI Rockcastle will invest EUR 50 million in a shopping center in Targu Mures, central Romania.
The mall will have a 50,000 sqm leasable area, and its construction will begin in the first half of next year, reports Ziarul Financiar. The opening is scheduled for the fourth quarter of 2018.
Targu Mures needs a “premium retail destination”, said Iuliu Bartha, asset manager within NEPI Rockcastle.
The South African investor inaugurated the Aviatorilor 8 office center on the Aviatorilor boulevard in Bucharest in July.
South-African group New Europe Property Investments (NEPI), one of the largest investors in the Romanian real estate market, finalized the merger with its competitor Rockcastle Global Real Estate in July. The transaction created the largest player in the real estate market in Central and Eastern Europe (CEE) with a market value of about EUR 6.1 billion.
The NEPI portfolio in Romania includes shopping centers such as Mega Mall or Promenada Mall, as well as office buildings such as Floreasca Business Park, The LakeView in Bucharest, or The Office in Cluj.