Johannesburg-listed CEE-focused Nepi Rockcastle has acquired the Galeria Mlyny mall in Nitra, Slovakia, from a group of local investors.
The aggregate purchase price was €121.8 mln.
The 33,200 m2 building, opened in 2009 and extended in 2015 with a new wing, is currently 98% occupied. The centre, whose annual footfall is nine million people, has a current net operating income of €8.4 mln per annum.
The acquisition will be funded by divestments from various listed security positions, supplemented by existing liquidity resources and debt facilities.
Nepi Rockcastle focuses on high growth Central and Eastern European markets. Galeria Mlyny, the fifth Nepi Rockcastle’s shopping centre in Slovakia, has strenghtened the firm as the largest retail landlord in the country.
Earlier this month, Nepi Rockcastle entered the Baltics with the acquisition of €190 mln worth retail assets in Poland and in Lithuania.