Israel real estate developer Neocity group has sold its City Park Mall in the Romanian seaside city of Constanta for EUR 81 million to New Europe Property Investors (NEPI). The deal was brokered by real estate consultant Colliers International, which also officially announced the deal. The news broke in December 2013 via Romanian daily Ziarul Financiar.

The 29,000 sqm mall, finalized in 2008, is Neocity's second exit from Romania, after selling the office buildings Neocity Tower I and II in Bucharest.

“We’ve been able to develop and manage City Park Mall of Constanta with remarkable resilience during a challenging economic and market environment. [...] Going forward, Neocity Group has high confidence in the future of the Romanian market and we are searching for new opportunities to invest here,” said Nimrod Ben Ami, CEO Romania for Neocity Group.

This is the largest overall single phase real estate transaction of the Romanian market in the past five years, according to Robert Miklo, Associate Director of Investments at Colliers International. “The deal is also a vote of confidence with Romania becoming a more compelling target for investors,” he added.

In 2013, NEPI bought The Lakeview office building in Bucharest, for some EUR 61.7 million. In recent years, the fund has become the most active, and the largest buyer of real estate properties in Romania.

editor@romania-insider.com