„On a like-for-like (LFL) basis NOI was up 9.4%. This solid growth was driven by higher base rents and tenant turnover as well as tight management of operating costs,” reads the company’s report.
The value of projects under construction or pending authorization regionally tops EUR650 million, with a total of EUR206 million invested until March 31, 2024.
In Romania, Promenada Bucuresti expansion is scheduled to be opened in Q4/2026 and leasing conditions for 52% of the leasable area available in the wake of works have been agreed. Also, the expansion by 5,900 square meters of Ploiesti Shopping City is set to be completed in Q4/2024 and leasing conditions have been settled for 79% of the additional area.
Also, the first phase of the company’s green energy project, involving the installation of photovoltaic panels in 27 properties of NEPI Rockcastle in Romania, has been almost finalized. NEPI has started acquisitions for the second stage of the project.
„We continue to generate robust growth, on the back of strong tenant performance and active asset management across our high-quality portfolio in Central and Eastern Europe,” says Rüdiger Dany, CEO of NEPI Rockcastle. “The strength of our markets can be seen in the positive trajectory of consumer spend which translated into double-digit growth in retailers’ sales. Demand for space, especially from international retailers, remains very strong, as shown by the high number of new leases signed and NEPI Rockcastle’s industry-leading occupancy rate”.
Retail vacancy was 2.2% on March 31, 2024, similar to the level as of December 31, 2023, confirming the strong demand for retail space from occupiers, while rent collection for Q1/ 2024 was over 96% as of the end of April 2024.
The company reports a very strong liquidity position with 1.4 billion euros in cash and available committed credit facilities on 31 March 2024.
NEPI Rockcastle has a EUR7 billion portfolio. The company’s main markets are Romania and Poland, but it also has properties in Bulgaria, Hungary, Slovakia, Croatia, Czechia, Lithuania and Serbia.
(English version by Catalina Apostoiu)