Aberdeen Asset Management Deutschland AG reached agreement to sell Auchan Titan Shopping Center in Bucharest to New Europe Property Investments (NEPI). Aberdeen was advised by Colliers International and law firm Biris Goran in the transaction.
Auchan Titan is a 45,000 m2 shopping mall located in the densely populated neighborhood of Titan, Sector 3, Bucharest. The project’s first 30,000 sqm stage comprising the Auchan hypermarket and a shopping gallery, opened in 2007, while the second phase with additional retail and leisure space opened in 2009. The center hosts the first and largest Auchan Hypermarket in Romania as well as other well-known retailers including H&M, C&A, Takko and Deichmann.
Sinziana Frangeti, Associate Director with Colliers International stated: “The sale of Auchan Titan Shopping Center represents a successful exit for our client Aberdeen Asset Management and a very important transaction for the Romanian property market given the size and profile of the asset”. Robert Miklo, Associate Director with Colliers International added: “The sale process undertaken confirmed a growing investor appetite for institutional assets in Romania and brings an important addition to local market liquidity and transaction volumes in the current year.”