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Promenada Novi Sad, Serbia. /// credit: NEPI Rockcastle
Promenada Novi Sad, Serbia. /// credit: NEPI Rockcastle

NEPI Rockcastle Exits Serbia with 177 Million Euro Asset Sale To BIG CEE

NEPI Rockcastle has announced that, through its wholly owned subsidiary NE Property B.V., it has entered into a binding agreement to sell 100% of the shares in the subsidiary holding, the retail property known as Promenada Novi Sad, to a Serbian subsidiary of CEE BIG BV.

The sale is consistent with NEPI Rockcastle’s investment strategy to focus on core dominant properties
and increase its presence in countries with investment grade rating. The proceeds will finance the company’s future acquisitions and developments.

Following the sale of its subsidiary, NEPI Rockcastle will no longer have properties and will cease its operations in Serbia.

BIG CEE is the subsidiary of BIG Shopping centers Israel, based in Belgrade capital of Serbia, since 2007. It holds and operates 15 active shopping centers – 13 in Serbia and 2 in Montenegro. In Serbia, BIG CEE also operates 9 Retail Parks which are branded as BIG, 2 Shopping Centers which are branded as BIG Fashion and the only Designer Outlet in the country branded as BIG Fashion Outlet.

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