Eversheds Sutherland Romania has advised investment fund NEPI Rockcastle in its acquisition of a land plot for construction of a new shopping center in Craiova, Romania.
According to Eversheds, Promenada Mall Craiova will be worth EUR 110 million. The land plot acquired by NEPI Rockcastle is approximately 200,000 square meters, and the Promenada Mall Craiova, with a leased surface area of 70,000 square meters, will contain over 150 shops.
Construction of the shopping center is expected to conclude by the end of 2021.
Eversheds Partner Cristian Guia commented, “The development of new projects in the secondary cities marks the optimistic trend in the retail trade area. In addition, it seems that more and more investors are moving to smaller cities, which is a sign that the Romanian market is mature and becomes more bidding for big players.”
The Eversheds Sutherland was led by Managing Partner Cristian Lina and Partner Cristian Guia, supported by Senior Associate Carolina Pletniuc and Lawyers Rosca and Mihaela Spiridon.
Eversheds Sutherland informed CEE Legal Matters that it could not disclose additional information on the deal.