South Africa’s NEPI acquires shopping malls in Hungary, Bulgaria for €528mn

South Africa’s NEPI acquires shopping malls in Hungary, Bulgaria for €528mn
By bne IntelliNews September 25, 2017

South African fund NEPI Rockastle said it has acquired two new shopping centres – in Hungary and Bulgaria – for a combined €528mn.

The fund, which purchased another shopping centre in Bulgaria earlier this year, claims to be the biggest mall owner in Romania and the largest real estate company in Central and Eastern Europe. It is one of several South African investors that have ramped up investment in the region, where they now rival investors from Asia and North America in terms of volume. 

In Hungary, NEPI bought the second largest shopping centre in Budapest – Arena Plaza – for €275mn, while in Bulgaria it has signed a deal worth €253mn for the biggest mall in Sofia, Paradise Center, the company said in a statement on the Bucharest Stock Exchange. The Bulgarian deal should be approved by the anti-trust authority.

In August, Bulgaria's competition regulator granted approval to NEPI to acquire Serdika Center shopping mall in Sofia, Serdika Office building and the land on which the properties are built, for €207.4mn.

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