NEPI Rockcastle has announced the official opening of its 59th property, Novi Sad Promenada in Serbia’s second largest city, Novi Sad.
The shopping centre is the largest retail development in Serbia, outside of Belgrade. With four levels, the development took sixteen months to construct and it has been delivered on time and within the budget. The shopping centre is situated in the city’s centre, at the intersection of the two main boulevards and adjacent to a sports complex and high-density residential areas.
The shopping centre boasts a Gross Leasable Area of 49 000 square meters, a Gross Building Area of 158 000 square meters and tenants include the likes of Armani Exchange, Adidas, Calvin Klein, Lacoste and Guess (to name a few).
Alex Morar, CEO of NEPI Rockcastle comments:
“NEPI Rockcastle continues to execute its development and acquisition pipeline, maintaining a key focus on understanding and responding to retailer and consumer demand. The positive outlook for consumer growth in the region for the next 10 years makes us look forward to our upcoming projects. I am proud to say that Promenada Novi Sad is the best product we have built so far, from a design and letting point of view, and I am sure we will improve even more in the future.”
The group plans to continue investing in Central and Eastern Europe in 2019. It expects to complete several other developments, extensions and refurbishments in Romania, Poland, Serbia and Croatia by the end of 2019.