In the largest single-asset deal ever signed in Bucharest, South African investment fund New Europe Property Investments (NEPI) has agreed to acquire the Promenada Mall from Austria's Raiffeisen Evolution for around €148 mln in cash.

In the largest single-asset deal ever signed in Bucharest, South African investment fund New Europe Property Investments (NEPI) has agreed to acquire the Promenada Mall from Austria's Raiffeisen Evolution for around €148 mln in cash.

Raiffeisen is believed to have invested €130 mln in the project which was inaugurated in October 2013. The mall has a leasable area of 40,000 m2 and generates annual rent revenues of about €10 mln.

JLL advised Raiffeisen Evolution on the deal.

'The sale of Promenada Mall just weeks after another record-setting transaction in which JLL was also involved – the industrial acquisition by P3 in Bucharest – clearly shows that Romania is indeed “back in the spotlight”,' commented Gijs Klomp, managing director and head of capital markets at JLL Romania.

Despite the large ticket size, Klomp said that 'several international investors expressed strong interest in this high quality project'.