South African investment fund NEPI Rockcastle plans to expand its Promenada mall in Bucharest by adding 34,000 sqm of retail space to the existing 40,400 sqm, Ziarul Financiar reported.

NEPI will also build a 30,000 sqm office building nearby, integrated in the overall complex. The fund has been considering the project since 2015 but is still working on getting the necessary permits from the local authorities and can't estimate when this will happen.

The total estimated investment in this expansion project amounts to some ERU 165 million, according to NEPI. The most spectacular component of the project will be a 7-floor underground parking with 2,000 parking spots.

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editor@romania-insider.com