Biris Goran has advised Austrian-based Raiffeisen Evolution in the sale of its flagship development, the Promenada Mall, to New Europe Property Investments, a South African fund.
The transaction was completed on October 31, 2014, and the aggregate purchase price for the transaction was EUR 148 million, settled from NEPI's existing cash resources. Biris Goran described the deal as "the largest transaction on the Romanian real estate market in 2014 and one of the largest transactions ever in the country."
The Promenada Mall is a leading shopping center in Bucharest with over 40,300 square meters of leasable space, located in the new Calea Floreasca business district. According to a Biris Goran statement, the mall “opened in 2013, [and has] quickly become one of the top centers in the market and, as a result, attracted strong interest from potential buyers."
Biris Goran advised on all legal aspects related to the sale. The team was led by Partner Mihai Nusca, together with Co-Managing Partner Victor Constantinescu. They were assisted by Senior Associates Teodora Otetea and Stefanita Georgescu.
Mihai Nusca stated that: “The sale of Promenada Mall attracted strong interest and there was intense pressure to close the entire transaction in a matter of only weeks. We are honored to have had the opportunity to assist the very able team at Raiffeisen Evolution on such a prestigious transaction and meet the tight deadlines. This transaction has set the bar for other deals in the future.”