NEPI Rockcastle, the largest owner of shopping centers in Romania, acquired the Hungarian shopping complex “Mammut”, one of the largest in Budapest, with a leasable area of over 61,000 square meters.
NEPI Rockcastle paid 254 million euros in exchange for a 81% stake in Mammut 1 and 100% at Mammut 2, buildings that make up the Mammut shopping complex. The acquisition expands NEPI Rockcastle’s portfolio in Hungary and takes place one year after the company bought Arena Plaza, the second largest mall in Budapest, for the sum of 275 million euros.
Recently, the real estate investor took over the Mlyny Gallery in Nitra, where Jaguar Land Rover is set to open a car assembly plant. With a total rental surface of 61,300 square meters, Mammut is one of the largest shopping centers in the capital of Hungary, having an anchor tenants such as Hervis, H&M, Interspar, Media Markt and Cinema Pink. Following the acquisition, NEPI Rockcastle becomes the main owner of commercial premises in Budapest. NEPI Rockastle, a company formed by the merger of South Africa’s New Europe Property Investments (NEPI) and Rockcastle, is the largest real estate investor in Romania, according to the number of commercial centers and offices and the largest real estate company in Central Eastern Europe.
The company’s portfolio on the Romanian market includes Mega Mall, Promenada Mall, Vulcan Value Center, Timisoara Shopping City, CityPark Constanta, Ploiesti Shopping City, Braila Mall, Galati Shopping City, Shopping City Târgu-Jiu, Severin Shopping Center and other shopping centers all over the country , but also Floreasca Business Park, The LakeView in Bucharest, City Business Center in Timisoara and The Office in Cluj.
The latest acquisition by NEPI Rockcastle in Romania was the acquisition, announced at the beginning of the year, of the Festival Shopping Center project in Sibiu for 21 million euros .