Property group NEPI Rockcastle, the biggest owner of shopping centres in Romania, has purchased a land plot of 17 hectares Galați for an undisclosed sum.
The land based on a former industrial platform was acquired in view of the development of a mixed-use project, with retail and residential components. NEPI Rockcastle has started to develop apartments in Romania after selling its office portfolio to AFI Europe for €307 million in 2020.
“The future is represented by places and spaces where people have easy access to all quality aspects of life. The new transaction further emphasizes the group's confidence in the attractiveness of mixed projects - retail and residential. We estimate that the works for the project in Galați will start in 2023, after obtaining the necessary authorizations," said Marius Barbu, Asset Director of NEPI Rockcastle.
The buyer was assisted by real estate consultancy Colliers and law firm Eversheds Sutherland Romania.
Last June, NEPI Rockcastle’s property portfolio was valued at €5.8 billion, of which 35% was based in Romania.
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