Romania: Antitrust body appoves NEPI’s takeover of Sibiu

Romania’s antitrust body said on Monday it approved the takeover by Bucharest-listed real estate investment trust New Europe Property Investments [BSE:NEP] of Sibiu Shopping mall and Belgian developer Bel Rom Trei.

“Following a review of the transaction, the Competition Council found that it does not raise significant obstacles to effective competition in the market, in particular by creating or strengthening a dominant position,” the anti-trust body said in a statement.

On June 24, NEPI concluded an agreement to acquire Shopping City Sibiu from the Argo group for 100 million euro, it said in a public update on acquisitions at the end of June.

The shopping centre currently has a gross lettable area of 79,100 sq m and was opened in November 2006.

NEPI also acquired Bel Rom Trei, the Belgian developer which initially sold the mall in 2006 to investment fund Argo.

NEPI has also agreed to buy the remaining 30% interest in Mega Mall Bucharest from Austrian development group Real4You, but the completion of this acquisition is still pending the approval of the Competition Council. NEPI currently owns 70% of the mall, which has a GLA 75,500 sq m and is the group’s largest development to date.

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