Galati, with a population of 230,000 people, has attracted real estate investors including Immofinanz and GTC, which failed to complete their projects.
Immofinanz built the foundation of a mall branded Euromall a few years ago and the project has been abandoned. GTC sold to do-it-yourself retailer Dedeman a plot of land where it planned to develop a shopping center under the brand Galleria.
NEPI bought a 12.7-hectare plot of land in Galati last year and started construction works in May. The fund wants to open the first phase of the project, with a lettable area of 27,000 square meters, in three months.
The mall’s largest tenant will be French group Carrefour, which plans to open a 9,600-sqm hypermarket there, Tiberiu Smaranda, commercial development manager at NEPI, told ZF.
Other tenants include: New Yorker, Reserved, Orsay, Domo, Altex, Deichmann, Benvenuti, Otter, All Shoes, Douglas, Intersport, Noriel, KFC and Drogerie Markt.
According to ZF estimations, the investment in the project might reach about EUR25-30 million.
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.
NEPI last traded in Bucharest on August 26, at 30.4 lei (EUR6.8) a share.