The Conversation (0)
Investment priorities and expansion into Iberia underpinning existing five-year ambition to grow portfolio to c.€12-13 billion
NEPI Rockcastle the leading owner and operator of shopping centres in Central and Eastern Europe, now also present in Spain, outlined plans to grow its property portfolio to approximately €12–13 billion over the next five years at the 2026 Capital Markets Day in Warsaw, Poland.
Under the theme "Connect. Invest. Grow. ", the Group's leadership team met investors and industry experts to present the investment priorities and operational strengths behind that ambition, and to discuss where retail real estate is heading and how NEPI Rockcastle plans to build on its track record.
Marek Noetzel, Chief Executive Officer of NEPI Rockcastle, said:
"Over the past two decades, we have built a leading retail real estate platform in Central and Eastern Europe, driven by our in-house expertise, strong partnerships with retailers and a disciplined approach to investment. We see significant opportunities to build on these foundations as we expand our presence in Europe. Our entry into Spain represents an important step forward in that strategy. We believe that applying the proven capabilities we have developed in CEE to new higher growth markets will support our long-term growth ambitions. Our focus remains on acquiring and developing the right assets, creating value through active management and maintaining the financial flexibility to act quickly when attractive opportunities arise."
With a property portfolio valued at €8.4 billion, comprising 60 assets across eight European markets, the Company is already the largest owner of retail real estate in CEE and the third largest listed in continental Europe.
Financial discipline remains central to investment strategy
"We managed to deliver attractive returns to our shareholders while preserving the necessary resources in house to grow. Over the past five years, NEPI Rockcastle has raised €3.6 billion through diversified sources of funding, supporting acquisitions and developments while protecting the liquidity and balance sheet strength. With a loan-to-value ratio of 33.1%, below our strategic ceiling of 35%, and BBB+ investment-grade credit rating , financial prudence gives us the flexibility to act when opportunities arise" , added Eliza Predoiu , Chief Financial Officer at NEPI Rockcastle.
The Group also highlighted its 90% dividend payout ratio, demonstrating its focus on delivering returns to shareholders while retaining the financial flexibility to pursue its long-term growth ambitions.
Four pillars underpinning long-term growth
Management outlined the four growth drivers: active asset management, acquisitions, property development and renewable energy production.
Active asset management remains the core of NEPI Rockcastle's strategy. Over the past five years, the Group has invested close to €500 million in refurbishments, extensions and an upgraded retail and leisure offer, focusing on dominant shopping centres that can deliver sustained income growth.
Through acquisitions and capital recycling, the Group is moving capital into higher-quality assets and markets with stronger growth prospects. This strategy has supported recent investments in Poland and the expansion into Spain, while allowing NEPI Rockcastle to realise value through selected disposals in non-core markets.
Property development remains a key strategic pillar for NEPI Rockcastle: through extensions, refurbishments and repositioning, NEPI Rockcastle meets strong retailer demand, sharpens its tenant mix and keeps its destinations in line with changing consumer preferences.
Solar generation provides an additional source of income and contributes to better management of energy costs across its shopping centre portfolio.
Iberia: a new platform for growth
Entering Spain is a key step in NEPI Rockcastle's wider European expansion. This country offers favourable demographic, a sound economy, and opportunities to invest in high-quality retail assets.
The Group will bring its proven investment and asset management expertise to new markets, while continuing to assess acquisition and development opportunities across CEE. Expanding beyond the CEE region will broaden its income base and increase exposure to more developed European economies.
Expert insight on the future of retail
The Group's senior management team and investors were joined by external experts, who set the strategy in its wider macro context:
- Jens Larsen , Practice Head, Geoeconomics for Eurasia Group, provided an outlook on the macroeconomic and geopolitical environment.
- Doug Stephens , Business Futurist and Founder of Retail Prophet explored changing consumer behaviour and the future of physical retail.
- Chief Executive Officer - Marek Noetzel , Chief Operating Officer - Marius Barbu , Chief Investment Officer - Anca Nacu and Chief Financial Officer - Eliza Predoiu presented NEPI Rockcastle's investment case and growth strategy. A roundtable discussion on strategic investment decisions in retail real estate closed the day.
For NEPI Rockcastle, the changes in physical retail are an opportunity. By anticipating how consumers shop, the Group can make its destinations even stronger and create lasting value for communities and shareholders.
About NEPI Rockcastle
NEPI Rockcastle is Europe's third-largest listed retail real estate company by portfolio value and the premier owner, operator and developer of shopping centres in Central and Eastern Europe (CEE). Its more than €8.4 billion portfolio comprises properties across eight countries with a growing presence in Western Europe following its entry into Spain. The Group is the market leader in Romania and Poland, its two largest markets, with further shopping centres in Bulgaria, Hungary, Slovakia, Croatia, the Czech Republic and Spain.
NEPI Rockcastle owns and operates 60 properties, which attracted 354 million visitors in 2025. 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 markets.
Growth is underpinned by a development pipeline of approximately €800 million, alongside accretive acquisitions, most recently MegaPark Barakaldo, near Bilbao, Spain, acquired for €252 million in August 2026.
NEPI Rockcastle's two key strategic advantages are its unique CEE portfolio, built over two decades, and its team of more than 680 employees, who bring unparalleled industry knowledge and expertise.
More information: www.nepirockcastle.com
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