“The agreement was subject to various conditions precedent to be fulfilled or waived by the end of August 2013. NEPI is pleased to announce that all of the conditions precedent have been fulfilled and the acquisition has been completed,” NEPI said in a statement Thursday.
Austrian real estate developer Real4You last year obtained authorization to build Mega Mall in Bucharest and will start constructions works in 2013. The shopping center is due to open by mid-2015.
Mega Mall will have an area of 70,000 square meters and will be one of the largest shopping centers in Bucharest. French group Carrefour and fashion retailers C&A, H&M are among the future tenants which have already leased space in Mega Mall.
Real4You Group will also develop Mega Mall shopping centers in Satu Mare, Foscani and Targu Mures.
Real4You was set up in 1995 by German businessmen Christian Rimpf and Klaus Riederer, and specializes in designing and developing retail projects.
NEPI is the first property fund listed on the Bucharest Stock Exchange, on a dedicated segment for real estate investment trusts (REITs). The fund is also listed in Johannesburg and London.