BIG CEE, subsidiary of BIG Shopping Centers Israel, completed the largest retail acquisition in Serbia by purchasing Promenada Shopping Mall.
Largest Retail Transaction in Serbia’s History
BIG Shopping Centers announced that its subsidiary, CEE-BIG B.V., acquired Promenada Mall in downtown Novi Sad, for 177 million euros, making it the largest retail transaction ever made in Serbia.
The transaction, led by Uzi Eli, VP of International Business Development at BIG Group, was financed with a 105 million euro bank loan from leading European banks.
Lev Weiss, CEO of BIG CEE, highlighted that the acquisition aligns with the company’s growth strategy, which focuses on shopping centers and mixed-use complexes. He added that acquiring Promenada is a unique opportunity to strengthen BIG’s commercial activity and partnerships with leading European tenants.
“This acquisition marks a significant step in our long-term expansion and investment strategy in premium commercial real estate that contributes to local communities and economic development. I am confident that Promenada, as the largest shopping mall in our portfolio, will continue to offer exceptional experiences for visitors. As a company, we remain committed to investing in its further enhancement and growth. Our goal is clear – to be synonymous with quality, innovation, and leadership in the retail sector, both in Serbia and the region,” said Lev Weiss, CEO of BIG CEE.
Promenada Mall: A Top Retail Destination in Serbia
Promenada Mall, situated in Serbia’s second-largest city, is a premier shopping destination with a gross leasable area (GLA) of approximately 49,200 square meters.
The mall is 100% occupied and has seen steady growth in visitor numbers and revenue, drawing over 10 million visitors annually.
Among its tenants are renowned brands such as ZARA, other Inditex group brands, Nike, Adidas, Tommy Hilfiger, Calvin Klein, Hugo Boss, NewYorker, Sephora, Pandora, Replay, a concept store by IKEA, and LPP Group brands.
The mall also features a large supermarket, cinema, and an extensive entertainment and dining complex, making it a premium community destination.
BIG’s Expanding Portfolio in the SEE Region
BIG’s portfolio now includes 15 operational centers across Serbia and Montenegro, totaling 368,000 square meters.
The company’s strong operational presence and deep understanding of tenant needs and consumer expectations ensure the meticulous management of its assets. The Promenada acquisition is expected to be a major growth driver due to the attractive economic parameters of the deal and the potential for further enhancements, as seen in previous transactions.
This move solidifies BIG’s position as a leading commercial real estate investor in Serbia and one of the top players in the Balkans and Eastern Europe.
Gratitude for Successful Cooperation
BIG CEE expresses its gratitude to the previous owners, Nepi Rockcastle, for facilitating a smooth transaction and extends thanks to its tenants across all shopping malls and retail parks for their ongoing support and successful partnerships.
For more information about BIG Shopping Centers visit: bigcenters.rs
