The South-African investments fund NEPI is carrying in Romania investments worth 460 million euro, in new projects or expansions of existing projects, and the overall GLA at the end of the projects is estimated at over 250,000 square meters. After completing all ongoing projects, NEPI should reach at a portfolio of assets with an overall surface of 660,000 square meters, considering that the fund already owns in Romania projects with an overall surface of about 380,000 square meters, valued at 656 million euro. Most of the ongoing projects are retail spaces, in Bucharest and in the province, and most of them should be completed in 2014 – 2015, according to a presentation of the fund. In this year, NEPI plans to complete In Q3 the project Vulcan Value Center in Rahova neighborhood of Bucharest, of 25,200 square meters. The project is 93% leased and requires an investment of 47 million euro, and it will generate annual rents of 4.1 million euro. In Q4 this year is scheduled the inauguration of the stage one of Shopping City Targu Jiu, of 26,800 square meters, which is 85% leased. The investment in this commercial center, the first one of this type in this city, reaches at 30.1 million euro and should generate annual rents worth 2.95 million euro. In This year, NEPI and the businessman Ovidiu Sandor, completed the first office building (21,358 square meters) in the ensemble The Office from Cluj-Napoca, an investment of 22.5 million euro. The most important ongoing investment of NEPI is the commercial center Mega Mall from Bucharest – an investment of 165 million euro. This center will have 70,700 square meters and NEPI owns 70% of the project. The estimated annual rents generated are of 16.5 million euro and the inauguration is scheduled for the second quarter of 2015. The mall is 85% pre-leased.
In the next year, towards the end of the year, NEPI scheduled the completion of the first stage of a retail project in Timisoara City (on the land plot bought from Cristescu brothers). That investment is estimated at 78 million euro and will have 50,000 square meters. On the retail segment, NEPI scheduled also the expansion of three commercial centers – City Park Mall of Constanta (21,000 sqm, 36 million euro investment), Shopping City Deva (10,000 sqm, 14 million euro investment) and Severin Mall (10,000 sqm, 9 million euro investment), which should be completed in 2015. The expansions and the project from Timisoara are now in the process of obtaining the necessary permits. NEPI will also develop an office building in Victoriei Square from Bucharest, of 8,000 square meters, with an investment of 32 million euro, and the deadline is also set for the next year. In 2015 – 2016, the fund will complete the development of the next two buildings in the office ensemble The Office from Cluj, which will require investments of 47 million euro. The two buildings will have an overall surface of 33,000 square meters and the annual rent generated will reach at 5.8 million euro, plus 3.3 million euro from the first building of the ensemble, completed in May this year.