NEPI Rockcastle, a South Africa–listed property company, has agreed to buy two adjacent malls in Krakow, Poland, for €249.4 million ($295 million). The seller was Mayland, which will continue managing the assets.
The acquisition was made through NEPI Rockcastle's wholly owned subsidiary Tuvalu.
Further payment of €212 million ($251 million) will be made after extension work is completed to combine the shopping centers into one mall of more than 1.1 million square feet. NEPI Rockcastle says total payment should not exceed €469.3 million ($555.4 million). The deal is subject to a number of conditions, including the waiver of the right of first purchase held on Krokus mall and the opening of Serenada in October this year. Serenada will have more than 441,000 square feet, and Krokus has more than 290,000 square feet.
