South African investment fund New Europe Property Investments (NEPI), has teamed u with Canadian Benevo Capital and CD Capital to develop new shopping center in Bucurestii Noi area in the capital city, namely Victoria City Center, according to the company. The companies have recently signed the joint venture agreement for this project.  Benevo Capital was founded by Michael Topolinski and started operations in Romania in 2007, when it started investing in new residential units in Bucharest. CD Capital was founded by Todd Cowan and Jordan Dermer, previously the Chief Executive and Chief Development Officers of TriGranit Development.

The new shopping center will have a total area of 52,000 sqm. It will include a 4,500 sqm food anchor- the first in Bucharest-, over 32,000 sqm for local and international fashion and related tenants, and a 8,000 sqm area for cinemas, restaurants, bars and pubs and a health club.

NEPI has been active on the Romanian market since 2007, and the South-African investment group’s portfolio in Romania includes 27 properties. The most recent investments of the group are Floreasca Business Park, in December 2010, the remaining part of the Auchan Shopping Center in Pitesti, in May 2011, an extension of Promenada Mall Braila, in April 2011, the completion of a refurbishment of an office building in Brasov in June 2011, and the acquisition of retail development land in Ploiesti and Brasov in the first quarter of 2011.

Irina Popescu, irina.popescu@romania-insider.com