EUR 30 M shopping mall in Targu Jiu opens Thursday

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Real estate investment fund New Europe Property Investments (NEPI) will open this Thursday a shopping center in Targu Jiu, following a EUR 30 million investment, according to a press release.

Shopping City Targu Jiu has a 27,000 sqm GLA – gross leasable area. The tenants include Carrefour, H&M, Takko, Deichmann, JYSK, Flanco and Cinema City. This is the second modern shopping center NEPI opens this year after in early September it opened the EUR 47 million Vulcan Value Centre retail park in south-west Bucharest.

These two projects are the only modern shopping centers to be opened this year in Romania. Following the completion of Shopping City Targu Jiu, NEPI has increased its commercial space portfolio to over 350,000 sqm GLA. In Romania, it manages eight other shopping centers and owns several office schemes.

It presently develops extensions of existing projects or new projects worth some EUR 460 million and covering approximately 250,000 sqm GLA, according to Mediafax.

NEPI investment portfolio is currently focused on Romania but could later include other Eastern European countries. The Group focuses on investments in dominant or potentially dominant retail assets but invests opportunistically in office and industrial properties as well. The investment strategy is biased towards long-term leases in euro with strong corporate covenants.

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