At a time when retailers and owners of shopping centres arecomplaining about a sales decline, South African-held NEPI made asecond acquisition in five months, taking over Auchan andBricostore spaces in Pitesti.
Businessman Alexander Hergan, who controls the Avrig 35 group,made his fifth exit from the real estate sector, selling a part ofIris shopping centre in Pitesti in a transaction put at 40 millioneuros, considering that New Europe Property Investments (NEPI) willalso take over debt accumulated to develop these spaces.
NEPI took over the 13,600 square-metre space rented out toAuchan and the 9,500 square-metre store where Bricostore operates."The rental contracts with Auchan and Bricostore generate 4.67million euros in net profit," NEPI said.
The project also includes two shopping galleries, an 8,000square-metre one in front of the Auchan store, and another 7,000square-metre space called Iris Shopping Center, which the Avrig 35group kept for itself, with the option to be sold later, within ayear, if the take-up of the spaces increases.
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