NEPI Rockastle, the merged entity between the two South-African investment funds – New Europe Property Investments (NEPI) and Rockcastle, has announced that the acquisition of a 200,000-sm land in Craiova on the street Calea Severinului’s Way is completed, and will be followed by the construction of one of the biggest retail project in the region of Oltenia.
The value of the investment is estimated at approximately EUR110 million and the construction will start after obtaining all the necessary approvals.
„We are pleased to announce this investment, because we have information that more than 400,000 Romanians from South-Western region of the country are expecting such a complex project that Promenada Craiova is expected to be. We wish to offer to our visitors a complete experience of both shopping and entertainment, with national and international brands to choose from and many of them will arrive for the first time to Craiova. The concept will be a very special one and is designed following the latest European standards in retail. In this way, we expand our portfolio in Oltenia and we encourage the development of the local economy by creating new jobs opportunities” said Alex Morar, CEO of NEPI Rockcastle.
Promenada Craiova mall will have a 70,000-s.m. rentable surface, with a capacity of more than 150 stores – clothing, beauty, shoes, sports, technology, home&deco, toys and also restaurants and cafes.
The retail project, located near the main road of the city and in the next proximity of the biggest residential district, will host, as most important anchors, a hypermarket, a cinema and a DIY shop, Dedeman.
The project also includes the building, by NEPI Rockcastle, of a connecting two-lane road between Calea Severinului and Strada Râului, which will have an important contribution in terms of development of the infrastructure of that area.
The deadline for completion for the Promenada Craiova mall is estimated to be in the 4th quarter of 2021.