New Europe Property Investments acquires interest in Mega Mall Bucharest

Posted On Friday, 02 August 2013 23:17 Published by eProp Commercial Property News
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New Europe Property Investments (NEPI) acquires interest in Mega Mall Bucharest

Mega Mall BucharestShareholders are advised that NEPI has concluded a framework agreement with Real Holding Lithium Kft. and Real4You Holding GmbH ("Real4You") via its subsidiaries NE Property Cooperatief U.A. and NEPIOM Limited. 

In terms of the framework agreement, the parties are obliged to perform various actions and conclude various separate agreements to implement the acquisition by the NEPI group of a 70% interest in ELJ VATRA SRL, a limited liability company in Romania ("ELJ").

The framework agreement is subject to various conditions precedent to be fulfilled or waived by the end of August 2013 and includes the right for NEPI to perform its payment obligations fully or partially by means of a vendor consideration placement.

Real4You is an Austrian property developer and investor with property interest in various central European countries.

ELJ is the owner of a permitted development site called Mega Mall, in Bucharest, Romania. The 5.1 hectare site has good visibility and access to public transport and is located in a very densely populated part of Eastern Bucharest.

The building permit allows for the development of a shopping centre of up to 70 000 square metres of GLA and it is the intention of the parties to the framework agreement to develop a dominant shopping centre on this site and open it by mid 2015. Tenant commitments of approximately 30% of the planned GLA have already been received.

NEPI acquisitions comes off a successful closure of the recent circa EUR100 million rights issue in July 2013.

Last modified on Thursday, 17 April 2014 12:35

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