“By the end of this year we want to start work on the Mega Mall and Vulcan Center projects in Bucharest, as well as on a mall in Targu-Jiu. Galati Shopping City is also scheduled for November 21. In this project we have already delivered most spaces to tenants,” Tiberiu Smaranda, retail development manager within NEPI, told ZF.
These four projects should boost NEPI’s portfolio of retail projects to around 350,000 sqm on a market where the largest players are currently Iulius Group, Argo Real Estate and Immofinanz.
The South-African group continues to go against the current, considering that most developers prefer to wait for consumption to resume before they start new investments.
NEPI, which boasts a real estate portfolio of over EUR600 million, is among the few players who continue to invest massively in real estate, considering that most developers and several retailers say weak consumption hinders their development.
(English version by Daniela Stoican)