NEPI Rockcastle is the premier owner and operator of shopping centres in Central and Eastern Europe (CEE), with presence in nine countries and an investment portfolio of €5.8 billion as at 31 December 2021.
The Group benefits from a highly-skilled internal management team which combines asset management, development, investment, leasing and financial expertise. Geographically diverse management skills allow NEPI Rockcastle to pursue CEE property opportunities efficiently, benefiting from a strategic advantage in the acquisition, development and management of properties.
NEPI Rockcastle owns and operates 52 retail properties (excluding joint venture) which attracted 244 million visits in 2021 (325 million visits in 2019). With group-level management of tenant relationships and a focus on cross-country collaboration, the Group is the leading strategic partner for major retailers targeting CEE countries.
The Group’s financial strategy includes maintaining a profile of adequate liquidity, conservative gearing, and a diverse debt structure, which combines secured and unsecured bank debt with unsecured bonds listed on the Irish Stock Exchange. NEPI Rockcastle is investment-grade rated by Standard & Poor’s (BBB, stable outlook) and Fitch (BBB, positive outlook).
NEPI Rockcastle’s shares are listed on the Johannesburg Stock Exchange (“JSE”), Euronext Amsterdam (“Euronext”) and A2X. The Group voluntarily distributes at least 90% of its distributable earnings on a semi-annual basis.
2007 – NEPI is established and listed on the AIM market of the London Stock Exchange. First acquisition of a four property portfolio located in Romania, in Bucharest, Iasi, Bacau and Brasov.
2008 – Acquisition of a regional office portfolio in Romania and 50% interest in a German portfolio.
2009 – Acquisition of its first large retail property in Romania – Braila Mall, and listing on the Alternative Exchange (‘AltX’) of the Johannesburg Stock Exchange (‘JSE’).
2010 – Transfer from the AltX to the Main Board of JSE. Internalisation of Investment Advisor, moving to an in-house property management model. Acquisition of its second large retail property in Romania – Retail Park Pitesti, and the top office property in Bucharest, Romania – Floreasca Business Park.
2011-2012 – Completion of two-phases extension of Braila Mall. Extension of Retail Park Pitesti. Development of Ploiesti Shopping City in partnership with Carrefour and its first regional strip centre in Brasov. Acquisition of City Business Centre office property in Timisoara, Romania.
2013 – Finalisation of four Romanian retail and office acquisitions. Purchase of 70% interest in Mega Mall project. First Slovakian acquisition (Aupark Zilina). Development of Shopping City Galati and four regional strip centres.
2014 – Consolidation of the position in Romania, through the acquisition and development of additional retail properties, such as Buzau Shopping City, Promenada Mall Bucharest, Vulcan Value Centre and Shopping City Targu Jiu. Completion of Phase I of its first office building development in Romania – The Office, Cluj-Napoca (a joint venture arrangement, with NEPI holding 50% interest). First Serbian acquisition (Kragujevac Shopping Centre). Consolidation of the position in Slovakia, through the acquisition of Aupark Kosice Mall and Aupark Kosice Tower. Disposal of its 50% interest in the German portfolio.
2015 – Completion of Mega Mall in Bucharest, Romania. Acquisition of Iris Titan Shopping Centre. Opening of the first phase of Shopping City Timisoara. Finalisation of the second phase of The Office, Cluj-Napoca. Successful issue of €400 million unsecured bond, first group’s transaction on debt capital markets.
2016 – Finalisation of the Shopping City Timisoara greenfield project, through the opening of its second phase. Acquisition of the remaining 30% of Mega Mall interest. First Croatian and Czech Republic acquisitions – Arena Centar in Zagreb and Forum Usti nad Labem. Further consolidation of the position in Romania and Slovakia, through the acquisitions of Shopping City Sibiu, Korzo Shopping Centrum and Aupark Shopping Center Piešťany respectively and extensions of City Park, Severin Shopping Centre and Braila Mall.
2017 – Merger of NEPI with Rockcastle (a significant real estate company operating in Poland and Czech Republic), creating the largest retail real estate group in CEE. Listing of the newly merged company on two stock exchanges, JSE and Euronext Amsterdam (‘Euronext’). Market entry into Bulgaria and Hungary, with the acquisition of prime assets in Sofia and Budapest, taking NEPI Rockcastle’s presence to a total of eight CEE markets. Finalisation of the The Office, Cluj-Napoca development project, through the opening of its third phase. Successful issue of €500 million unsecured bond under its EMTN programme launched during the year.
2018 – Acquisition of three dominant properties in Poland, Slovakia and Hungary. First Lithuanian acquisition (Ozas Shopping and Entertainment Centre). Opening of the group’s first greenfield development in Serbia, Promenada Novi Sad, the largest mall in the country. Further consolidation in Poland and Romania, through greenfield and brownfield developments.
2019 – Completion of a number of extensions to Romanian and Polish properties and finalization of the Romanian greenfield development, Promenada Sibiu. Disposal of its 50% interest in The Office, Cluj-Napoca. Successful issue of €1 billion unsecured bond and repurchase of €202 million nominal value of its bond due in 2021.
2020 – Weathering the most challenging period in Group’s history – COVID-19 pandemic. Achievement of two important strategic transactions: disposal of the Romanian office portfolio and its remaining listed securities holding. Implementation of Green Finance Framework followed by a €500 million green bond issuance. Successfully opened a new shopping centre in Targu Mures, Romania.
2021 – Prolongation of Covid-19 pandemic impacting the Group results for the year. Rebounding of tenants’ sales to at least 2019 levels as soon as restrictions were lifted or relaxed. Concluding the first bilateral agreement with International Finance Corporation (‘IFC’) for €73.5 million green funding. Disposal of two Serbian retail properties, Kragujevac Plaza and Krusevac Shopping Park, in line with the Group strategy to focus on core dominant properties in countries with investment grade credit rating.