South-African investment fund New Europe Property Investments (NEPI) invests EUR 20 million in the expansion of Sibiu Shopping City, after paying EUR 100 million on acquiring the property this summer.
According to the company, the commercial gallery in Sibiu will be reconfigured by building a new level on an area of about 11,000 sqm. The new space will come with 50 new shopping spaces, as well as a new entertainment and restaurants area. Moreover, the mall will also have a movie theater.
The revamping will cover an area of over 40,000 square meters and the planned changes will transform the design of the current shopping center.
“Through Sibiu Shopping City, we continue NEPI strategy to increase the value of our retail properties. (…) We consider Sibiu Shopping City as a flagship project for NEPI,” Adina Ciobanu, asset manager within the company.
Currently, Shopping City Sibiu has a GLA of 79 100 sqm and Auchan, Carrefour, Mobexpert, Leroy Merlin, Altex, Flanco, Decathlon, Hervis, C & A, H & M, New Yorker, Deichmann, Humanic, DM and Takko are among the tenants.
NEPI bought with EUR100 million the shopping center which was previously owned by Argo Group. The South-African investment fund is the largest developer on the local market and owns an extensive portfolio of shopping centers in Romania, Slovakia, Croatia, Czech Republic and Serbia.