South-African investment fund New Europe Property Investments(NEPI) is one step away from becoming a shareholder of the companythat will develop Pallady Shopping Center in Bucharest, a projectannounced at the beginning of this year, whose main tenants will beFrench retailers Auchan and Decathlon.
"The Group has pursued development opportunities through jointventures with strong partners. One of these opportunities led to anagreement in relation to the development of a shopping centre inBucharest. This project is currently in due diligence," reads aquarterly report of the fund listed on the London StockExchange.
Real estate market sources say the South Africans are negotiatingwith Avrig 35 and Cascade Group the development in partnership ofPallady Shopping Center on the plot located at the Bucharest exitto the motorway to Constan]a, bought by Zentiva pharmaceuticalgroup several year ago.
Avrig 35 and Cascade own the plot where the shopping centre is tobe built, while NEPI could contribute the funds necessary to getbanking financing for the project put at 80 million euros at thebeginning of this year.
NEPI and Avrig 35 had not provided additional information on thematter by the time this issue was ready for print.
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