The South African investment group NEPI (New Europe Property Investment) has been provided a 20 million euro loan by Garanti Bank for refinancing part of the investment in Shopping City Galati, property valued at 43.1 million euro. According to the bank, the loan which has a validity period of five years was granted last month.
The shopping center was inaugurated on November 21, 2013, after six months of the issue of the building permit. Its entire 27.000 m2 of gross leasable area is let, housing various international brands.
“Shopping City Galati is a very important project for the economic development of the city, being the first of its kind in Galati, and we are very pleased to be part of it. Garanti Bank focuses on establishing long term relations and fruitful cooperation with partners like NEPI, that contribute to the sustainable development of Romania’s economic environment”, Cagri Memisoglu, Deputy General Manager at Garanti Bank said.
NEPI is one of the most dynamic real estate developers in the Romanian market where has a portfolio including a wide range of properties, both in the retail and the office real estate sectors. Apart from Shopping City Ploiesti, the South African group manages properties such as Promenada Mall Braila, Ploiesti Shopping City, or Floreasca Business Park.