NEPI’s unit, NEPI Nine Investment Development, bought the plot, which is about 25 kilometers away from Promenada Mall Braila, developed by the investment fund.
Currently, there are no significant retail projects in Galati, said the fund. NEPI intends to develop a retail centre anchored by a hypermarket and several international value brands.
NEPI, one of the most active real estate investors in Romania over the past years, has recently raised EUR50 million from the capital market to finance potential acquisitions it is in the process of negotiating.
NEPI registered profit attributable to equity holders of EUR19.9 million in the first nine months, more than double on the year. Its portfolio in Romania includes 32 real estate properties and focuses on the acquisition of properties leased by financially stable multinational companies.
The fund has been operating on the local market since its establishment, in 2007, and is listed on the Bucharest stock exchange. NEPI shares were last traded Tuesday at 20 lei (EUR4.4) a share. (EUR1=RON4.5314)