New Europe Property Investments (NEPI) is backing the development of a 36,000 m2 shopping centre in the Romanian capital Bucharest. The company has formed a joint venture for the Victoria City Center project with developers Benevo Capital and CD Capital.

The developers sealed the joint venture on 15 November 2011 after eight months of discussions which centred on NEPI making a 'substantial' equity investment in the project originated by Benevo and CD Capital. The financial details were not disclosed.

'We are very excited to be a part of this initiative as the planned shopping center will be world class and in the northern part of Bucharest which is under-serviced. We have been looking at many retail opportunities in Bucharest over the past two years. Victoria City Centre stood out from the other opportunities analysed due to its location and concept.' said Martin Slabbert, CEO of NEPI.

Victoria City Center will feature a 4,500 m2 food anchor and more than 32,000 m2 of local and international fashion and related tenants.

NEPI was established in 2007 to manage companies that invest in office, retail and industrial property assets, mainly in Romania. The group is listed on the main board in Johannesburg and on the AIM market in London.

It has also been listed in Bucharest since June this year. The group recently announced a EUR 40 mln underwritten rights issue that is expected to complete in December 2011.

Benevo Capital was founded by international investor Michael Topolinski, who has built up a large portfolio of residential apartments and other investments in Bucharest since 2007.

CD Capital was founded by Todd Cowan and Jordan Dermer, previously the CEO and chief development officers of Budapest-based CEE developer TriGranit.