“We have already started digging at the Promenada in Floreasca and organized the construction site. We have also resumed the project in Craiova. We are in advanced talks with potential tenants for both locations,” NEPI Rockcastle CEO Alex Morar said.
The expansion works at Promenada started almost seven years after NEPI Rockcastle bought the mall from Raiffeisen Evolution. NEPI also bought a 1.2-hectare plot next to it for a future office building in the fall of 2014.
The new addition to Promenada will have a seven-level underground parking lot and three buildings, two, four and 11 story high.
Promenada Mall will thus expand to more than 70,000 square meters and the new space will accommodate fashion retailers, a cinema and leisure areas, as well as 2,000 parking spots for residents and employees.
NEPI Rockcastle estimates it will invest EUR140 million in development and capital expenses for the current projects in 2021, as well as in other opportunities depending on how the market goes.
(English version by Loredana Fratila-Cristescu)