NEPI said in a report to the Bucharest Stock Exchange plans to extend Promenada Mall by an additional 25,000 square meters of shopping and entertainment areas and has bought 1.2 hectares of land. The group currently has a construction permit for 50,000 sqm of office space on that land but plans to require approval to develop a mixed extension to the shopping center, that will also include offices.
NEPI bought Promenada Mall, with a leasable area of 40,300 sqm, and owns two office buildings in its vicinity.
Over the past years, NEPI increased its involvements in Romanian developments and is the most active investor on the local real estate market.
“Completed developments and redevelopments in the last four years have significantly contributed to the growth in recurring distributable earnings per share. NEPI’s development pipeline, including redevelopments and extensions to secured acquisitions, has increased to EUR547 million (estimated at cost), of which EUR176 million had been spent by December 31, 2014. This represents an increase of EUR161 million compared to the previous year,” the company said in its report Wednesday.
NEPI is currently developing the Mega Mall shopping center in Bucharest, with a leasable area of 72,100 sqm, to be opened in the second quarter of this year, following an investment of EUR165 million.
Another major investment is the extension of shopping center City Park in Constanta, acquired in January 2014. The group is extending the 29,284 sqm of the center by adding 20,200 sqm.
NEPI also received the necessary permits to extend and redevelop Deva Shopping Centre by adding 10,600 sqm. The opening is scheduled for September 2015. Similar works are planned for Severin Shopping Center in Drobeta-Turnu Severin, where a first stage of expansion will add 9,700 sqm by September.
NEPI has acquired and developed seven retail centers in 2014 and currently owns 18 retail centers in Romania.
NEPI posted distributed earnings of EUR99.2 million last year, 72.8% up compared to 2013. Revenues from rents and other exploitation revenues rose 57.2%, to EUR87 million, from EUR55.32 million in 2013.
At the end of December 2014, NEPI had total debts of EUR302 million, from EUR328.97 million in 2013.
Its assets were estimated at EUR1.54 billion at the end of 2014, up by more than EUR500 million compared to end-2013.
Among other projects, NEPI manages Promenada Mall Braila, Ploiesti Shopping City, Retail Park Auchan Pitesti, Deva Shopping Centre, Severin Shopping Center, and office buildings Floreasca Business Park and The Lakeview in Bucharest and City Business Centre in Timisoara.