BIG buying Promenada Novi Sad for EUR 177 million

NEPI Rockcastle has announced that, on July 3, 2024, through its wholly owned subsidiary NE Property B.V., it has entered into a binding agreement to dispose of 100% of the shares in the subsidiary holding the retail property known as Promenada Novi Sad, to a Serbian subsidiary of CEE BIG BV. As they add, the consideration for the Serbian Property is EUR 177 million and the net proceeds from the Disposal will be used to fund NEPI Rockcastle’s pipeline of acquisitions and developments.

Following the Disposal, NEPI Rockcastle will no longer have properties and will cease its operations in Serbia.

– 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 – the press release says.

The Agreement was finalized on July 3, 2024.

– The Disposal is conditional to fulfilment of customary approvals and conditions precedent, including the approval of the Serbian competition authority and the securing of bank financing for part of the consideration by the Purchaser – it is announced.