NEPI buys EUR 63m retail park in Romania

New Europe Property Investments (NEPI), the AIM-listed Central and Eastern European property investment company, has spent EUR 63 mln on the acquisition of the European Retail Park in Braila, Eastern Romania, from local retail developer BelRom. The transaction price represents a combination of cash and NEPI ordinary shares. In a statement on Monday, the company added that it is in talks to acquire other retail assets in Romania.

ERP Braila is a 143,000 m² site with roughly 53,000 m² of gross lettable area and a 60,000 m² parking area for 1,250 cars. Two anchor tenants in the park, Carrefour Hypermarket and Bricostore DIY, have already opened their stores. The park also includes a 6,900 m² showroom and store for a Romanian furniture retailer, Staer, which is in the process of completion. The multiple-screen cinema development is expected to be completed by mid-2010.

NEPI said it has also reached an agreement with KBC Bank regarding a €113 mln financing facility which will be used partly to pay down existing debt on ERP Braila. The facility runs through 2014, with capital amortisation starting in 2011.