Biris Goran acted on behalf of Raiffeisen Evolution in the sale of Promenada Mall to to South-African fund New Europe Property Investments (NEPI), transaction amounting to 148 million euro. This is the largest transaction on the domestic real estate market in 2014 and the largest ever recorded in Bucharest involving a single property.

The law firm advised on all legal aspects related to the sale. Biris Goran team was coordinated by partner Mihai Nusca, Head of Litigation Practice, together with co-managing partner Victor Constantinescu, Head of the Real Estate Practice Group, and included senior associates Teodora Otetea and Stefanita Georgescu.

“The sale of Promenada Mall attracted strong interest and there was intense pressure to close the entire transaction in a matter of only weeks. We are honoured to have had the opportunity to assist the very able team at Raiffeisen Evolution on such a prestigious transaction and meet the tight deadlines. This transaction has set the bar for other deals in the future”,commented Mihai Nusca, as per a press release.

Requiring initial investment of 130 million euro, the shopping center located in Northern Bucharest covers a gross leasable area of 35,000 sqm, hosting more than 120 stores and 1,300 parking spaces. Promenada mall is part of Floreasca City, project also incorporating two office buildings.