Promenada Mall surface to be extended by 60 pc

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South African investment fund NEPI (New Europe Property Investments), the biggest mall owner in Romania, plans to expand by more than 60 percent the surface of Promenada shopping center in Bucharest, Floreasca area, according to the financial report released on Wednesday to Bucharest Stock Exchange, Mediafax informs.

In this context, NEPI purchased 1.2 hectares of land, currently having an authorization for developing 50,000 square meters of offices.

The real-estate company is also developing projects of EUR 371 million, including the reconfiguration and extensions of the assets in its portfolio.

In recent years NEPI has steadily increased the investments in developing on local property market, being the most active player in this field.

NEPI bought Promenada Mall for EUR 148 million, in October 2014. Recently, South African investment fund announced that in April 2015 is going to open Mega Mall, on the Eastern side of Bucharest, near National Arena, following a EUR 165 million investment.

NEPI also owns two office buildings in Bucharest, Floreasca Business Park and The Lakeview.

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