NEPI Rockcastle sells two Serbian shopping centers


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NEPI Rockcastle will sell two shopping centers in Serbia – Kragujevac Plaza and KruÅ¡evac Shopping Park – to CEE BIG for € 60.8 million.

Through its wholly owned subsidiary NE Property, NEPI Rockcastle has entered into a binding agreement to sell its 100% stake in both centers (both of which include plots for further extension. Upon completion of the transaction, the company will have a center in Serbia – Promenada Novi Sad.

According to its press release: “The divestment is in line with NEPI Rockcastle’s investment strategy of focusing on dominant properties and increasing its presence in high-rated countries.

The net proceeds from the sale are to be used to finance NEPI Rockcastle’s portfolio of acquisitions and developments. The transaction will require the approval of the Serbian competition authorities.

Kragujevac Plaza, which was completed in 2014, comprises 22,300 m² of gla and had a book value at the end of last year of 46.6 million euros. Kruševac Shopping Park, completed in 2019, has an area of ​​8,600 m² gla and was valued at 11.7 million euros. (Valuations were performed by JLL.)

CEE BIG is the Serbian subsidiary of Israeli shopping center owner and investor BIG, which currently operates and manages 26 shopping centers in Israel, 25 in the United States and eleven in Serbia.

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