North Real Estate Opportunities Fund (NREO) has made its second investment in Romania with the €60m (£40.3m) development of the Bucovina Shopping City in Suceava.
The deal comes a week after the AIM-listed retail park investor backed by Vincent Tchenguiz, bought the Sibiu European Retail Park in Sibui for €83m (£56.1m).
The 592,020 sq ft (55,000 sq m) Bucovina shopping centre is scheduled to open in April 2008 and will be the largest shopping centre in the region. French supermarket operator Carrefour Hypermarket and German furniture retailer Mobexpert will anchor it. The centre will also include a 129,168 sq ft (12,000 sq m) retail gallery with more than 80 stores.
Robert Provine, managing director of NREO, said: ‘We are optimistic about the prospects and growing prosperity of Suceava...Bucovina Shopping City will be a truly regional retail centre, serving both the city of Suceava and
the surrounding counties.’
NREO is developing a portfolio of retail parks in Romania, Bulgaria and other eastern European countries.