The land was purchased from Atrium Real Estate, which had intended to develop a mixed project, combining retail, office and hotel space.
Work on the project will begin this year and will be finished by 2015. The first stage, with a lettable area of 19,000 square meters, will be completed in the first half of 2014.
The complex will include a service and retail section, and will abide by international class A standards with respect to the concept, size, quality, facilities, parking and energy efficiency, the developers said.
NEPI is the first realty investment fund listed on the Bucharest bourse, in a market segment created especially for Real Estate Investment Trusts (REITs). The fund is also listed in Johannesburg and London, on the AIM segment.
NEPI’s portfolio includes retail, office and industrial property in Romania and Germany. In Romania, the fund’s main assets are the European Retail Park unit in Braila and the Floreasca Business Park office building in Bucharest.
Ovidiu Sandor is best known for developing the City Business Centre Timisoara project, the largest class A office complex outside Bucharest. When completed, in 2013, it will include five buildings with a total lettable area of 43,000 square meters.