NEPI Rockcastle, the largest real estate investor in Romania – according to the value of assets under management, is analyzing the option of including a 4-star hotel with about 200 rooms on two floors and half of the building resulting from the expansion of the Promenada Bucharest mall. The hotel would take about half of the original office space. The investor, backed by South African capital, has been working for several years on the expansion of the Promenada mall, which on completion will become one of the most expensive properties in Romania, with a value of almost EUR 500 million. NEPI Rockcastle’s initial plan was to add a multi-storey building to the Promenada shopping center expansion, with a surface area of 58,400 sq.m, of which 27,500 sq.m were dedicated to office space. The company is now analyzing the possibility of including a four-star business hotel with around 200 rooms, occupying two and a half floors of the new building. More specifically, the office space will also be reduced to two and a half floors from the planned four. The Promenada Bucharest expansion should be delivered in the fourth quarter of 2026, and the investment in this project is calculated at EUR 282 million, a high value also because it will have a seven-story underground parking garage with about 1,600 spaces, the deepest in Romania. NEPI Rockcastle has already agreed leases for 66% of the additional commercial space resulting from the expansion. The current surface area of Promenada Bucharest is 39,300 square meters and the value of the mall amounts to EUR 201 million. The annual rents collected from the mall are EUR 14.5 million. In addition to the Promenada expansion, NEPI Rockcastle expects to start next year two other residential projects attached to the company’s projects in Brasov and Craiova.
NEPI Rockcastle is considering adding a 200 keys hotel to Bucharest Promenada mall
