» Update on Developments

Update on Developments

Posted on: 22 November 2013


Opening of Shopping City Galati

NEPI has completed Shopping City Galati and it opened on 21 November 2013. The development, which has 27,000 m2 of Gross Leasable Area (GLA), is fully let and houses various international brands, including Carrefour, CCC, C&A, Deichmann, DM, H&M, Intersport, KFC and New Yorker. It was completed within six months of the issue of the building permit.

Commencement of works regarding Mega Mall development in Bucharest

As announced on 2 August 2013, the Group has acquired a 70% interest in a permitted development known as Mega Mall, which will include over 75,000 m2 of GLA. NEPI and its development partner have agreed improvements in the design of Mega Mall. Construction commenced in October and leasing is progressing well due to strong tenant demand.

Buy out of partner at Vulcan Value Centre development in Bucharest

NEPI has acquired the interests of its former partner in the Vulcan Value Centre on favourable terms. More than 70% of the development has been let, and the Group, subject to the receipt of the necessary permits, intends to commence construction in January 2014.

NEPI’s acquisition of the partner’s interests is not categorisable in terms of the Listings Requirements of the JSE Limited.

Opening of four Kaufland Value Extensions

Further to the opening of the Kaufland strip mall extension in Alexandria, mentioned in NEPI’s Unaudited Condensed Consolidated Financial Results for the six months ended 30 June 2013, released on 6 August 2013, another three Kaufland extensions were completed and opened in Petrosani, Sfantu Gheorghe and Sighisoara during October and November 2013.

Commencement of development of Targu Jiu Shopping City

NEPI has obtained a building permit for the development of a 27,000 m2 shopping centre in Targu Jiu. The Group intends to commence construction before the end of the year.

This announcement is for information purposes only. To the extent required, announcements in compliance with the Listings Requirements of the JSE Limited, the AIM Rules for Companies and the rules of the BVB will be made in due course.