North Real Estate Opportunities Fund has announced it is investing EUR 60 mln in the development of Bucovina Shopping Centre in Suceava in Romania. The 55,000 m[sup]2[/sup] mall will be the largest in the area and will b anchored by France's Carrefour and a Mobexpert furniture superstore.
North Real Estate Opportunities Fund has announced it is investing EUR 60 mln in the development of Bucovina Shopping Centre in Suceava in Romania. The 55,000 m2 mall will be the largest in the area and will b anchored by France's Carrefour and a Mobexpert furniture superstore.
Last week, NRE announced the acquisition of a retail park in Romania for EUR 83 mln. The deal involving the 50,000 m2 European Retail Park Sibiu in Transylvania is thought to be one of the largest real estate deals in Romania to date, Freeman European News reported. that project is expected to generate a rental yield in access of 8%.
London-based North Asset Management, a specialised alternative investment management firm that manages over EUR 785 mln, set up the closed-ended North Real Estate Opportunities Fund in August 2006 to cash in on the growth of disposable income in the Central and Eastern Europe (CEE) region.
The fund is looking to invest in the Czech Republic, Poland, Slovakia, Hungary, Romania and Bulgaria, North Asset Management said.
