NEPI Rockcastle announced this week that it is selling two retail centres in Serbia – Kragujevac Plaza and Kruševac Shopping Park – to the Dutch development company CEE BIG BV for €60.8 mln.
The disposal is consistent with NEPI Rockcastle’s investment strategy to focus on core dominant properties and increase its presence in countries with investment grade rating, the firm said.
Following the disposal, NEPI Rockcastle will retain one core property in Serbia, Promenada Novi Sad.
The net proceeds from the disposal will be used to fund NEPI Rockcastle’s pipeline of acquisitions and developments.
Kragujevac Plaza provides 22,300 m2 of retail space generating €4 mln in passing rents a year. Krusevac Shopping Park is a smaller 8,600 m2 scheme with annual rents of €1 mln.