Real estate developer NEPI Rockastle plans to open a new mall in Sibiu at the end of next year, following a total investment of 100 million euros ($116.5 million).
Earlier this year, the investment fund bought a land plot in Sibiu and the project of the Festival mall from Romania-based engineering company ACMS for $24.4 million.
The new mall will have a leasable area of 42,200 square metres. German discounter Kaufland will also open its first store in a mall.
NEPI Rockcastle also plans to complete the 9,600 square metres extension of the Sibiu Shopping City mall, which it bought from U.S.-based consultation firm Argo in 2016.