NEPI Rockcastle is starting the works for the extension of Promenada shopping centre in Bucharest, Ziarul Financiar informs, publishing a photo showing that the land is being prepared for construction.
Promenada Mall has a leasable area of 39,400 sqm and planning permission was obtained in October 2019. The expansion targets both a retail component and the construction of new office space, an investment estimated by the company at €55 million. The retail part will bring an additional 31,600 sqm of leasable area and the office part will be 30,700 sqm.
The construction works could be completed in the second half of next year. Promenada Mall is valued at over €209 million and generates rents of €13,7 million in 2019, according to the company’s financial report.
NEPI Rockcastle has a portfolio of commercial properties valued at €6.1 billion, at the end of June 2020, with a gross lettable area of income-producing properties of 2.1 million sqm in nine countries. 38% of the portfolio is located in Romania.
