Retail specialist BIG CEE has bought the Promenada mall in Novi Sad for €177million in Serbia’s largest retail deal.
Promenada has a gross leasable area (GLA) of about 49,200 square meters. The fully occupied mall attracts more than 10 million visitors annually and has seen steady growth in visitor numbers and revenue.
Promenada will offer exceptional experiences
Lev Weiss, Chief Executive Officer of BIG CEE, says, “This acquisition marks a step forward in our long-term expansion and investment plan in premium commercial real estate that contributes to local community and economic development. I am confident that Promenada, as the largest shopping mall in our portfolio, will continue to deliver exceptional experiences for visitors, while we, as a company, continue to invest in its enhancement and further growth. Our goal remains clear — to be synonymous with quality, innovation, and leadership in the retail sector, both in Serbia and the region.”
CEE-BIG B.V is a subsidiary of BIG Shopping Centers. It is taking a bank loan of €105 million to help finance the deal. The seller is Nepi Rockcastle.
Among the mall’s tenants is ZARA, Nike, Adidas, Tommy Hilfiger, Calvin Klein, Hugo Boss, NewYorker, Sephora, Pandora, Replay, a concept store by Ikea and also LPP group brands. Promenada also includes a large supermarket, cinema, and an entertainment and dining complex.
The transaction was led by Uzi Eli, VP of International Business Development at BIG Group.
BIG’s strength
“BIG’s strength lies in our portfolio encompassing 15 operational centres across Serbia and Montenegro, totalling 368,000 m2. The company’s strong operational presence and deep understanding of tenant needs and consumer expectations ensure meticulous management of every aspect of our centres. The acquisition will serve as a major growth engine, given the excellent initial economic parameters of the deal and the enhancement potential BIG identifies in the asset, just as it has done in previous transactions. This acquisition will strengthen BIG’s position as the leading commercial real estate investor in Serbia and one of the leading companies in the Balkans and Eastern Europe.”
