“This acquisition marks a step forward in our long-term expansion and investment plan in premium commercial real estate that contributes to the local community and economic development. I am confident that “Promenada“, as the largest shopping mall in our portfolio, will continue to deliver exceptional experiences for visitors, while we, as a company, continue to invest in its enhancement and further growth. Our goal remains clear – to be synonymous with quality, innovation, and leadership in the retail sector, both in Serbia and the region” said Lev Weiss, CEO of BIG CEE.
BIG CEE has acquired the Promenada mall, located in downtown Novi Sad, Serbia, for 177 million euros, of which 105 million euros will be financed by a bank loan from leading European banks.
The Promenada mall is located in the center of Novi Sad, Serbia’s second-largest city, and is considered one of the most significant and commercially strong centers in the country. The mall has a gross leasable area of about 49,200 sq m, fully occupied, attracting over 10 million visitors annually, with steady growth in both visitor numbers and revenue.
Among the mall’s tenants are brands such as ZARA and other Inditex group brands, Nike, Adidas, Tommy Hilfiger, Calvin Klein, Hugo Boss, NewYorker, Sephora, Pandora, Replay, a concept store by Ikea, LPP group brands, and more. The mall also includes a large supermarket, cinema, and an entertainment and dining complex.
The transaction was led by Uzi Eli, VP of International Business Development at BIG Group.
Lev Weiss, CEO of BIG CEE, highlights that the acquisition is in line with the company’s development and growth strategy, which focuses on shopping centers and mixed-use complexes. Weiss further adds, the acquisition of the Promenada mall is an especially attractive investment and a one-time opportunity to acquire a powerful asset that will significantly strengthen BIG’s commercial activity and cooperation with leading European tenants.
BIG`s strength lies in our portfolio encompassing 15 operational centers across Serbia and Montenegro, totaling 368,000 sq m. The company’s strong operational presence and deep understanding of tenant needs and consumer expectations ensure meticulous management of every aspect of our centers. The acquisition will serve as a major growth engine, given the excellent initial economic parameters of the deal and the enhancement potential BIG identifies in the asset, just as it has done in previous transactions. This acquisition will strengthen BIG’s position as the leading commercial real estate investor in Serbia and one of the leading companies in the Balkans and Eastern Europe.
