Promenada Mall was sold

The largest real estate transaction ever concluded in Bucharest: Raiffeisen evolution sold Promenada Mall Commercial Cetre for 148 milions euro to the South-African Investement Found New Europe Property Investments (NEPI). NEPI manages Promenada Mall Braila, Ploiesti Shopping City, Retail Park Auchan Pitesti, Deva Shopping Centre, Severin Shopping Center and office buildings Floreasca Business Park, The Lakeview in Bucharest City, Business Centre in Timisoara as well as the new project Mega Mall in Bucharest. Promenada Mall is located at the intersection of Floreasca, Pipera and Barbu Văcărescu Streets, an area dominated mainly by the office buildings, constructed in the last six years. In the area there are working about 35,000 people and their number will increase with 10,000, with the completion of the office buildings under construction. The Centre has a leasable area of 35,000 square meters, divided into 140 stores and 1,300 underground parking spaces. The mall has six levels, the first two being underground for parking, and the following four levels accommodating commercial area. Probably the transaction for Promenada Mall is the biggest deal ever concluded in Bucharest for a single asset and the second largest in Romania. NEPI announced that the Mall will be paid from personal funds, and they will reimburse the developers’ loan of 95 million Euros.