After completion of all projects, NEPI, the most active real estate investor on the local market in the last years, should reach an assets portfolio with a total area of 660,000 sq. m, considering that the fund already owns in Romania projects on approx. 380,000 sq. m, evaluated at EUR 656 million. The ongoing projects are mostly retail spaces, in Bucharest and countryside, and most of them have as completion date scheduled 2014-2015, according to a fund’s presentation.
Therefore, for this year NEPI intends to complete in the third quarter Vulcan Value Centre in Rahova, with an area of 25,200 sq. m, 93 pct rented, following EUR 47 million investments and which will generate annual revenues from rents of EUR 4.1 million. This year also, but in the fourth quarter, it is scheduled for completion the first phase of Shopping City Targu Jiu, with an area of 26,800 sq. m, 85 pct. rented. The investment for this commercial centre, the first of its kind in the city, reaches EUR 30.1 million and should bring annual rent revenues of EUR 2.95 million. This year, NEPI completed together with the businessman Ovidiu Sandor, the first office building (21,358 sq. m) of The Office complex in Cluj Napoca, an investment of EUR 22.5 million.
The most important ongoing investment of NEPI is the commercial centre Mega Mall in Bucharest, an investment of EUR 165 million. The mall will have 70,700 sq. m and NEPI, the owner of 70 pct. of the project, estimates that it will bring upon its completion, scheduled for the second quarter of next year, annual rent revenues of EUR 16.5 million. The mall is 85 pct. rented.
All these projects are in construction.
In the end of next year the investment fund planned the completion of the first phase of a retail project in Timisoara (on the land recently bought from Cristescu brothers). The investment is estimated at EUR 78 million, with 50,000 sq. m spaces to be built.
On the retail segment, NEPI has scheduled also the expansion of three commercial centres, City Park Mall of Constanta (21,000 mp, EUR 36 million investment), Shopping City Deva (10,000 mp, EUR 14 million investment) and Severin Mall (10,000 mp, EUR 9 million investment), the completion date being scheduled for 2015. The expansions and the project in Timisoara are in the phase of obtaining permits.
NEPI will also develop an office building in Piata Victoriei in Bucharest, with an area of 8,000 sq. m, an investment of EUR 32 million, the completion date also being scheduled for next year. In 2015-2016, the fund will complete the development of the next two buildings in the office complex The Office in Cluj, involving EUR 47 million investments.The two buildings will have 33,000 sq. m overall and the annual rent will totalize EUR 5.8 million, to add to the EUR 3.3 million generated by the first building of the complex, delivered in May.
The projects owned by NEPI on the local market also include City Park Mall Constanta, Ploiesti Shopping City, Retail Park Pitesti, Floreasca Business Park, Lakeview (Bucharest), City Business Centre Timisoara. (source: wall-street.ro)
