NEPI inks partnership with Benevo Capital for new retail park in Rahova

South African fund New Europe Property Investments (NEPI) has marked its exit from the partnership with investment fund Benevo Capital and CD Capital for the Victoria City mall planned to be developed in Bucurestii Noi and has signed another partnership with Benevo for developing Vulcan Value Retail Center retail park in Rahova

July 2012 - From the Print Edition

The former 77,000-sqm site of the Vulcan plant was acquired by Benevo in January this year, for EUR 23 million. NEPI has taken 50 percent of shares in the project and is expected to invest EUR 20 million.
According to Michael Topolinski, CEO of Benevo Capital, construction will start at the end of 2012. Vulcan retail park will have a commercial area of 28,000 sqm and will include a hypermarket of 10,500 sqm. The 56,000-sqm Victoria City Shopping Center project will continue, with the start of construction expected for this year, following the partnership between Benevo and CD Capital, after NEPI exited and sold its shares. According to Topolinski, NEPI will be replaced in the partnership by another investment fund which will own 49 percent of the project, to be anchored by a Cora hypermarket of 12,000 sqm.
In March this year, real estate investment company Benevo Capital, which has Canadian shareholders, acquired the former industrial platform of the Vulcan plant in Bucharest to develop a retail park on it. The site was owned by Romanian businessman Ovidiu Tender. “We plan to develop a modern retail park in south Bucharest, an area which delivers a large population density and a low existing offer of such projects,” said Topolinski. The company acquired the 77,000-sqm platform and plans to build a 35,000-sqm retail park, comprising a DIY unit, a 10,500-sqm hypermarket and a 10,000-sqm commercial gallery.