NEPI Rockcastle announced that it has entered into an agreement to dispose of its Romanian office portfolio to AFI Europe NV, a wholly-owned subsidiary of Africa Israel Properties Limited.
The sale of the Romanian office portfolio is in line with NEPI Rockcastle’s investment strategy focused on core dominant retail properties.
The proceeds from the disposal will be used to fund its pipeline of acquisitions and developments, NEPI Rockcastle announced in a statement.
FOUR CLASS A-OFFICE PROJECTS
The Romanian office portfolio with the book value of 308 million EUR comprises of four class A projects in Bucharest (Floreasca Business Park, The Lakeview, Victorei Office) and Timisoara (City Business Centre).
After the acquisition and completion of ongoing office projects, AFI Europe Romania will have under its management an office portfolio comprising of 282,000 sqm GLA, which will make it one of the biggest office owners in Romania.
NEPI ROCKCASTLE RETAIL PROJECTS IN ROMANIA
NEPI Rockcastle opened its new retail project in Romania, Promenada Sibiu, on the 14th of November.
The shopping center with a lettable area of 42,000 sam is built on a prime downtown location, within walking distance from the main city square.
The development was an investment of 100 million EUR, one of the largest investments in Romania, outside Bucharest.
This October, NEPI Rockcastle announced plans to develop Promenada Craiova, one of the biggest retail projects in the Oltenia region.
This colossal development will be worth approximately 110 million EUR. It will be located in the vicinity of Craiova’s largest residential district, featuring over 150 retail stores, a hypermarket, DIY shop, and a cinema.
NEPI ROCKCASTLE – A MARKET LEADER IN ROMANIA AND CEE
NEPI Rockcastle is a commercial property investor and developer with a dominant position in Romania, Poland, and Slovakia. The company also has a strong presence in Croatia, Bulgaria, Hungary, Czech Republic, Serbia, and Lithuania, progressing with a retail expansion program in other Central and Eastern European markets.
NEPI Rockcastle is the largest mall owner in Romania, operating successful projects such as Mega Mall, Promenada Mall București, Vulcan Value Center, Shopping City Timișoara, City Park Constanta, Ploiești Shopping City, Brăila Mall, Galați Shopping City, Shopping City Târgu-Jiu, Severin Shopping Center, Shopping City Deva, Shopping City Piatra Neamț, and Shopping City Satu Mare.