NEPI, one step away from becoming a shareholder at Pallady Shopping Center

South-African investment fund New Europe Property Investments (NEPI) is one step away from becoming a shareholder of the company that will develop Pallady Shopping Center in Bucharest, a project announced at the beginning of this year, whose main tenants will be French retailers Auchan and Decathlon.
"The Group has pursued development opportunities through joint ventures with strong partners. One of these opportunities led to an agreement in relation to the development of a shopping centre in Bucharest. This project is currently in due diligence," reads a quarterly report of the fund listed on the London Stock Exchange.
Real estate market sources say the South Africans are negotiating with Avrig 35 and Cascade Group the development in partnership of Pallady Shopping Center on the plot located at the Bucharest exit to the motorway to Constan]a, bought by Zentiva pharmaceutical group several year ago.
Avrig 35 and Cascade own the plot where the shopping centre is to be built, while NEPI could contribute the funds necessary to get banking financing for the project put at 80 million euros at the beginning of this year.
NEPI and Avrig 35 had not provided additional information on the matter by the time this issue was ready for print.