NEPI purchases Bucharest shopping centre for €86m

New Europe Property Investments (NEPI) has acquired the Auchan Titan shopping centre in the Romanian capital Bucharest for €86 mln.

The vendors were Aberdeen Asset Management and Degi, the German business taken over by Aberdeen in 2007.

Auchan Titan is located in the Titan neighbourhood, one of the most densely populated districts of Bucharest. The 44,730 m2 property is anchored by the first and largest Auchan hypermarket in Romania. Other international tenants include Adidas, C&A, CCC, Deichmann, dm, Flanco, H&M, New Yorker and Takko. There is also a seven-screen cinema.

The shopping centre opened in 2007, and additional fashion and entertainment was added two years later.

Aberdeen was advised by Colliers International and law firm Biris Goran in the transaction.

NEPI is a commercial property investor and developer listed on the main board of the Johannesburg Stock Exchange, the regulated market of the Bucharest Stock Exchange and the Alternative Investment Market (AIM) of the London Stock Exchange. The company owned 32 properties valued at €1.2 bn at end-2014.