New Europe Property Investments plc ('NEPI'), Benevo Capital and CD Capital ('the developers') are pleased to announce that they have formed a joint venture and have reached agreement regarding the development of a 56,000-m² GLA shopping center, Victoria City Center, on Bucurestii Noi Boulevard, Bucharest.
The developers signed joint venture agreements on November 15, 2011 after being in discussions since March 2011 regarding a substantial equity investment by NEPI to increase the equity available for the development that has been promoted by Benevo and CD Capital.
"We are very excited to be a part of this initiative as the planned shopping center will be world class and in the Northern part of Bucharest which is under-serviced. We have been looking at many retail opportunities in Bucharest over the past two years. Victoria City Center stood out from the other opportunities analyzed due to its location and concept," stated Martin Slabbert, CEO of NEPI.
The project site of 52,230 m² benefits from excellent accessibility both by car and public transportation and has frontage to Bucurestii Noi Boulevard. There is a metro stop in front of the site and a direct metro access to the planned shopping center. Further public transport is available through a bus line, two tram lines and three trolley lines that have their stations within 50 meters from the site. Car access is ensured via two traffic lights intersections.
Victoria City Center will be Bucharest's most modern and will feature a 4,500-m² food anchor (the first in Bucharest) and more than 32,000 m² of Romania's best line up of local and international fashion and related tenants.
Victoria City Center will also boast sports, home appliances, home decoration and health and beauty offerings as well as an 8,000-m² roof top entertainment zone featuring cinemas, restaurants, bars and pubs and a health club.
"We are pleased to welcome NEPI as our joint venture partner. NEPI brings a great level of retail experience both within Romania and internationally. We couldn't have asked for a better partner and have assembled a winning team for what will be Bucharest's leading retail and entertainment project Victoria City Center.
"We also thank the efforts of the advisors and Colliers, who have been of assistance to CD Capital and Benevo in launching this project and the NEPI joint venture," commented Todd Cowan, Managing Partner at CD Capital.
"Benevo Capital is enthusiastic about partnering with NEPI and CD Capital in developing this world class shopping and entertainment project. Benevo is committed to the Bucharest real estate market for the long term and intends to make further investments and grow its portfolio of assets," commented Michael Topolinski, CEO of Benevo Capital.
Source: NEPI
