South African developer NEPI buys Auchan Titan retail project for EUR 86 M

On Wednesday, the South African investment fund New Europe Property Investments (NEPI) purchased Auchan Titan Shopping Centre in a surprise deal of EUR 86 million.

„NEPI has, through its subsidiaries Nepi Sixteen Real Estate Investment SRL and Nepi Bucharest Two SRL, concluded an agreement to acquire all the issued shares in, and shareholders’ claims against, Degi Titan SRL from Aberdeen Asset Management Deutschland AG and Degi Beteiligungs GmbH and repay Degi’s entire outstanding debt,” a press release informs.

The aggregate purchase price for the transaction was settled from NEPI’s existing cash resources, the quoted document notes.

Auchan Titan covers a rentable area (GLA) of 44,730 sqm and is located in the most densely populated district of Bucharest. The property is anchored by the first and largest Auchan hypermarket in Romania and contains numerous international brands, such as Adidas, C&A, CCC, Deichmann, dm, Flanco, H&M, New Yorker and Takko, and a seven-screen cinema.

Aberdeen Asset Management Deutschland AGAuchan Titan Shopping CentrecashhypermarketNew Europe Property Investments (NEPI)South African investment fund
Comments (0)
Add Comment