NEPI Rockcastle, a leading investor and developer of shopping centres in Central and Eastern Europe (CEE), inaugurated a new shopping centre in Craiova, Romania, following a greenfield investment of EUR 136 million.

According to the developer, this is the largest investment in the Romanian commercial retail sector in the last five years, as well as the largest, in terms of value and project size, in CEE in 2023.

Craiova’s new Promenada commercial area has a total leasable area of around 80,000 sqm. It integrates the shopping centre covering roughly 53,300 sqm and a retail park of about 10,400 sqm, owned by NEPI Rockcastle. The commercial area also includes a 16,000 sqm area owned by Dedeman. 

The shopping area hosts more than 130 stores, including over 20 new brands, in premiere in the city. It also hosts a Lefties store, marking the brand’s official entry into the Romanian and CEE market. 

The shopping centre also has the largest outdoor panoramic terrace in Craiova, hosting restaurants and cafes. Plus, the shopping area offers more than 2,800 parking spaces and drive-through restaurants, including KFC. The project will also include a Cineplexx cinema.

“Promenada is not only the most valuable commercial retail investment in CEE in 2023 but also certainly one of the most complex projects in the NEPI Rockcastle portfolio,” said Rüdiger Dany, CEO, NEPI Rockcastle.

“Currently, the shopping centre is 99.9% leased and the retail park, 85%,” added Marius Barbu, Group Asset Director, NEPI Rockcastle.

The new Promenada shopping centre will be equipped with the largest photovoltaic installation in NEPI Rockcastle’s portfolio, the company said. The facility also represents the largest solar project developed within a shopping centre in Romania, with an investment value of more than EUR 7 million. According to Andrei Radu, Development Director at NEPI Rockcastle, the system will most likely become operational in early 2024.

According to NEPI Rockcastle representatives, Promenada directly and indirectly generates more than 1,500 new jobs.

irina.marica@romania-insider.com

(Photo source: NEPI Rockcastle)