ACROSS | The European Retail Real Estate Magazine

Development

Activity in Serbia’s Second City

Alex Morar, Co-CEO of NEPI Rockcastle. Image: Nepinvest

NEPI Rockcastle is opening the 150,000-sq-m Promenada Novi Sad at the end of 2018.

The real estate investment market in Serbia is continuing in its brisk growth and NEPI Rockcastle is determined to make its mark here. After acquiring Kragujevac Plaza in 2014, one of the country’s rare modern malls outside the capital city, the group continues its expansion strategy in the region, this time with a shopping and entertainment center developed from scratch and customized for locals: Promenada Novi Sad.

“In Serbia, we are already operating Kragujevac Plaza and we are looking forward to doing more projects in the region, for which we rely on local knowledge, partners, and support from the authorities, like here in Novi Sad. We are long term investors—we do not build to sell—so we are focused on maintaining our properties in the best condition for the use of our clients. The fact that we have about 4,000 tenants across our portfolio and intend to bring about 150 of them to Promenada Novi Sad shows this,” said Alex Morar, Co-CEO of NEPI Rockcastle.

Image: Nepinvest

Image: Nepinvest

Focus on entertainment

With an investment of €100 million, Promenada Novi Sad, scheduled for launch at the end of 2018, should be the largest and most modern shopping center in the region. Spread across four levels, the scheme will have a significant impact on Serbia’s current retail map, adding 150,000 sq m of GBA to the country’s prime shopping center stock.

The commercial center will feature entertainment facilities, along with a full mix of brands and services. Locals will have access to a hypermarket that will cater to their everyday needs, a state-of -the-art cinema, and multiple, internationally renowned fashion brands. A number of important tenants will be available for the first time in Novi Sad, with some of them available for the first time in the country.

As a leading real estate investor in CEE, NEPI Rockcastle knows that, apart from shopping, modern retail centers have to offer their visitors a full and engaging experience. In this sense, Promenada Novi Sad will feature a leisure experience with green areas and recreational facilities that will cover up to 10,000 sq m, therefore increasing the overall customer experience.

Image: Nepinvest

Image: Nepinvest

“There are no modern, 4th-generation retail centers in Novi Sad, so investing here was a natural step in our expansion strategy. Apart from its aim to offer people a one-of-a-kind location for leisure and shopping, this development will also have a highly positive impact on the local economy, generating hundreds of jobs, adding a significant contribution to the local budget, and offering local entrepreneurs a unique opportunity to develop their businesses. We are confident that Promenada Novi Sad will become the dominant retail and entertainment destination in the region and will integrate naturally into the city’s everyday social life and infrastructure,” said Jelena Jevremovic, Asset Manager, NEPI Rockcastle.

 

Follow ACROSS

Download

fb-art 150

Share this article
Development

MPC PROPERTIES INVESTS 250 MILLION EUROS IN SERBIA

MPC Properties, one of the largest investors in Southeast Europe, is investing 250 million euros in new development projects, all located in Belgrade, the capital of Serbia.

EuropaCity – „Just a very complicated process“

EuropaCity is on hold after a court decision, according to various press reports. The developers of this big project near Paris say it is not on hold.

Refurbishment with potential

At the beginning of the year, Austrian property specialist Supernova acquired Centar Kaptol in Zagreb, Croatia. BEHF Architects has been commissioned to comprehensively refurbish the center.

Quartier du Flon – Constantly evolving

Quartier du Flon is a contemporary area of 55,000 sq m, located in the heart of Lausanne, which has developed into a vibrant shopping and entertainment area.

A new mall for Budapest

An ambitious plan: ECE plans to build no less than the most modern and attractive shopping center in Hungary. The opening is scheduled to take place in 2021.

Innovation and tradition combined in one quarter

Unibail-Rodamco is developing the southern Überseequartier, an integrated district of HafenCity within Hamburg.