Romanian executive Tiberiu Smaranda will step down as executive manager of South-African investment fund New Europe Property Investments (NEPI), the biggest real estate investor in Romania, starting September 1, 2016.

34-year old Smaranda, who has been in charge of NEPI’s retail developments, including asset management and maintaining relationships with key tenants, has decided to pursue new business opportunities.

Smaranda has been working for NEPI since 2009. He will stay at the helm of the fund for two more months for a smooth transition, according to an announcement by NEPI. The fund’s board of directors is currently evaluating several candidates for the executive manager job.

NEPI recently lost another important manager as Lori Collin, the executive in charge with the fund’s office developments and investment, also left the company.

In August 2015, South-African Martin Slabbert, the man who built NEPI, left the fund. He was replaced by young Romanian Alexandru Morar as CEO. Victor Semionov, NEPI’s operating manager also left the company together with Slabbert.

NEPI is the biggest real estate investor in Romania. The fund had 34 properties worth EUR 1.81 billion in its portfolio at the end of 2015. Most of these properties were in Romania, including Mega Mall and Promenada Mall, two of Bucharest’s most popular shopping centers.

editor@romania-insider.com