JLL on behalf of Argo Group announces the sale of the Shopping City Sibiu (79,100m² GLA), Romania to NEPI for a value of €100m – the largest in 2016 so far. The pricing reflects the quality of the asset, as well as market interest in sizable retail assets including those outside of Bucharest.
The first phase of Shopping City Sibiu was opened in November 2006. It is the third largest retail park in Romania in terms of GLA and it is anchored by two hypermarkets, Carrefour and Auchan. It houses international brands, such as C&A, Decathlon, Flanco, H&M, KFC as well as a wide selection of furniture and DIY stores including Jysk, Lems, Leroy Merlin, Mobexpert, Nobila Casa and Rovere Mobili.
ARGO Group, is one of the largest owners of Retail Parks and Commercial Centers in South Eastern Europe with over 340,000m² GLA.
Dennis Selinas, CEO ARGO: ”Through the thoughtful management and continuous attention towards tenant mix by our team has made Shopping City Sibiu into the main shopping destination of the region. Our most recent, and last initiatives before the sale, will bring the first multiplex cinema to the city of Sibiu. I would like to recognise the efforts of our entire team which helped manage the asset since its development and this sale process to completion. ARGO will continue to restructure its Romanian portfolio aiming to optimise the investments made in the commercial property markets of Central and Eastern Europe.”
Andrei V?caru, associate director, capital markets at JLL Romania: ”This is the largest transaction involving a single asset outside the Bucharest after the economic crises. Investors became interested once again in the non- Bucharest Real Estate opportunities, after a long period in which the capital city was their main target. It was the size and the fundamentals of the property that attracted not only the buyer, but other investors to Sibiu.”
Silviana Badea, national director, head of capital markets at JLL Romania commented: “The sale of Shopping City Sibiu might very well be one of the most important transactions signed this year in Romania. Our team (Andrei Vacaru, Maxime Otto) has supported the client during the 12 months process and we are delighted to see it to completion in the interest of all parties.”
