Retail specialist BIG CEE has agreed to buy the Promenada Novi Sad shopping center in Serbia for €171 million.
The seller is property investment and development group, NEPI Rockcastle.
Promenada is the second largest mall in Serbia with 49,000 square meters of space. It has around 150 stores including Zara, Guess, Armani Exchange, Calvin Klein, Tiffany and US Polo.
NEPI Rockcastle signed a binding agreement to sell 100% of its subsidiary holding the retail property Promenada Novi Sad BIG CEE BV. This is subject to various conditions, including the approval of the Serbian competition authority.
BIG CEE BV is a subsidiary of Israel’s BIG Shopping Centers, which operates in Israel, the US, France, Serbia and Montenegro. BIG CEE holds and operates 13 shopping centres in Serbia and two in Montenegro.
NEPI Rockcastle says, “The disposal is consistent with NEPI Rockcastle’s investment strategy to focus on core dominant properties and increase its presence in countries with investment grade rating. Following the Disposal, NEPI Rockcastle will no longer have properties and will cease its operations in Serbia.
“The consideration for the Serbian Property is 177 million euros and is payable on the completion date. The net proceeds from the disposal will be used to fund NEPI Rockcastle’s pipeline of acquisitions and developments.”
A team from law firm Karanović & Partners advised BIG CEE on all transactional aspects of the deal.
