NEPI announced Friday it paid EUR148 million for the Promenada Mall in Bucharest to Raiffeisen evolution, which invested EUR130 million in the project.
NEPI has assessed the mall, which has a leasable area of 40,300 square meters, at EUR148 million and estimates annual revenues from rents at RON10 million.
The average rent in the shopping center is EUR22/sqm/month, NEPI said in a statement.
The mall, opened a year ago, had a profit of RON13.7 million (EUR3.1 million) in the first half of the year.
Thus, NEPI manages in Romania shopping centers exceeding 350,000 square meters, such as Ploiesti Shopping City, City Park Constanta or Vulcan Value Center Bucharest. The fund is also developing Mega Mall shopping center in Bucharest, due for completion in the second quarter of 2015.
Raiffeisen evolution opened Promenda Mall mid-October 2013. The mall was the last stage of the Floreasca City project, a EUR300 million investments that also includes two office buildings, among which Sky Tower. The office buildings have been sold to Raiffeisen group.
Raiffeisen Holding Vienna, Strabag and Uniqua Insurance control 20% of Raiffeisen evolution each, and the remaining 40% is owned by Raiffeisen Central Bank (RZB).