DOINGBUSINESS.RO

  |  2013-08-02

NEPI and Real4You agree to develop the Mega Mall project in Bucharest

The New Europe Property Investments group has concluded a framework agreement with Real4You from Austria to implement the acquisition by the NEPI group of a 70% interest in ELJ VATRA SRL, a Romanian limited liability company that owns the Electroaparataj site where Bucharest’ newest shopping center, MEGA MALL is to be built. The developers plan to develop a 70,000 square meters GLA shopping mall to be opened by mid-2015

The site is ideally located in a very densely populated part of Eastern Bucharest in close proximity to the Romanian national football stadium in an area that is under serviced with retail space.  The site has excellent visibility from major motor vehicle arteries (Iancului Road, Pantelimon Road and Pierre de Coubertin Street) and has access to public transport, in the form of trams, busses and trolley busses.  A metro stop is planned in front of the site and the planning of the public transportation services allows for direct access to the mall. 

 

Approximately 30% of the planned GLA is already subject to tenant commitments, including international tenants such as Carrefour, C&A and H&M.  As a building permit has been obtained, construction of the development will commence in 2013,with the opening of the shopping mall expected by mid-2015.

 

The agreement was assisted with respect to due diligence and contractual documentation by Reff & Associates (Deloitte Legal) and Deloitte Tax.

 

“Along with a wide tenant mix which will provide visitors with an affordable high-quality shopping experience, the Mega Mall will be developed with the latest in city mall design and lay-out, entertainment, leisure and lifestyle concepts in mind.  Given its size and variety, it will be a top shopping and leisure destination in Bucharest” said Martin  Slabbert, NEPI CEO.

 

“We are happy to cooperate with NEPI, a very strong and experienced partner, in the further development of the ‘Electroaparataj-site’ and believe that the ‘Mega Mall’ will be a huge success and soon the Nr. 1 shopping destination of Romania´s Capital” said Klaus Riederer, Real4You CEO.

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