NEPI had the option as early as last year to acquire the 7,000 square-meter gallery in Pitesti from real estate developer Avrig 35, from whom it had also bought the retail spaces where Auchan and Bricostore operate in the same shopping center.
As for the plot in Brasov, the South African group intends to build a 5,300 square-meter shopping gallery there, with the shops to be accessed from the outside (strip mall). The South African company did not specify the value of the two deals.
NEPI currently owns two retail parks, in Braila and Pitesti, a plot which is set to accommodate another retail project in Ploiesti, also next to a Carrefour store, with the Brasov acquisition set to bring the company’s commercial assets to four.
But the most important property in NEPI’s portfolio is office project Floreasca Business Park in Bucharest, bought last year for EUR100 million. NEPI could also buy another office building in the coming period.
“NEPI’s property portfolio continues to perform well supported by the length of its lease profile and tenants with strong corporate covenants. The Group is actively pursuing further acquisition and investment opportunities and is in negotiations to conclude three transactions, which include a sizeable office acquisition, a land acquisition and a joint venture shopping centre development,” reads the half-year report of the investment fund, worth EUR276 million on the London Stock Exchange.
(English version by Daniela Stoican; Editing by Radu Bostan)