Neocity clinches Romania's largest retail deal since 2009

CEE developer-investor Neocity has completed the sale of City Park Mall in Constanta, Romania to New Europe Property Investors (NEPI) for €81 mln.

The 29,000 m2 centre was delivered in 2008 with major tenants including Cora, Zara, Bershka, Pull & Bear, Koton, LC Waikiki, Mango and Domo.

Colliers International advised Neocity Group on the deal, representing the group's second sale of a major development project in Romania following the disposal of the Neocity Tower I and II office buildings in the financial district of Bucharest.

'Going forward, Neocity Group has high confidence in the future of the Romanian market and we are searching for new opportunities to invest here,' said Nimrod Ben Ami, CEO Romania for Neocity Group, which is headquartered in Tel Aviv, Israel.

The sale represents the largest retail transaction in the Romanian market in the past five years, according to Robert Miklo, associate director of investments at Colliers International. 'City Park is an outstanding asset and with further development potential which represented a compelling investment opportunity. The deal is also a vote of confidence with Romania becoming a more compelling target for investors.'