“We want to expand the Romanian shopping centre portfolio and become a major player on the real estate retail market. For 2010, we plan to acquire 8-10 commercial parks, in which we are willing to invest between €400 and €500 million, but we are very careful about the quality of projects we can aquire,” the representative of the investment fund, Martin Slabbert, told Business Standard.
Regarding the type of projects the fund could be interested in, Slabbert indicated that “size is not an issue. Money is not a problem for us. The Romanian real estate retail sector is extremely attractive, and we want to make as many acquisitions as possible. We are especially interested in the value we can obtain from these investments.”
The official added that the decline in prices on the real estate market, due to the financial crisis, can be an opportunity for new acquisitions, but stressed the fact that the investment fund was already interested in expanding its business here.
Regarding the drop registered by the Romanian real estate segment, Slabbert said that “things will get worse next year,” but added that the fund wants to “invest in the Romanian market in the long-term.”
Slabbert indicated that NEPI is currently negotiating the signing of acquisition contracts with two real estate developers. Yesterday, the investment fund announced it will buy three commercial parks from the Belrom Real Estate developer, for some €113 mln. Over half of this amount (€63 mln) will be paid for the European Retail Park.
