Serbian real estate firm NBGP Properties has agreed to buy the property portfolio of International CG, which includes Belgrade's five-star Hotel Continental, real estate consultancy firm Colliers International Serbia said on April 4.
Colliers International Serbia carried out the feasibility study for the envestment and are exclusive partners for Delta Real Estate, the parent company of NBGP Properties, on several projects.
In addition to the hotel, which was previously part of the Intercontinental chain, the property portfolio includes apartments, business facilities and tennis courts, covering a total of 72,225 sq m. NBGP and Intercontinental plan to introduce the Crowne Plaza chain in Serbia.
In accordance with the Restructuring Program announced by Serbia’s National Privatisation Agency, the new owner is obliged to invest in reconstruction of the assets within the next three years, when the last phase of reconstruction is expected to be finished, Colliers said.
Delta Real Estate, one of the biggest shopping mall developers in Serbia, is now building its Delta Planet shopping mall in Belgrade and has significant regional plans for expansion, the statement read.
