NEPI Rockcastle, the largest real estate investor in Romania by asset value, took over the project of a commercial center to be built in downtown Sibiu from Primavera Development Group in a deal worth around EUR 21 million, as a press release informs.
Reff & Associates, the law firm representing Deloitte Legal in Romania, has advised leading real estate developer in this acquisition.
In the summer of 2016, Primavera Development, owned by the Tanasoiu family, announced the resumption of investment in the new mall of EUR 70 million. The plans for the construction of the mall instead of Simerom factory have existed since 2008.
The land on which the mall will be built has an area of 3.4 ha. The company has all the authorizations and the works will be started in the spring of this year.
NEPI will develop here a commercial center with 43,000 sqm of leasable area and the opening is estimated for the end of 2019. Among the tenants that have already signed are Kaufland, Inditex, with several brands, including Zara, and H & M.