Investment fund NEPI Rockcastle, the largest mall owner in Romania, has reported rent revenues of EUR 346 million in 2018 in CE Europe, up by 29 percent compared to the previous year. The properties the fund owns in Romania represent 36 percent of the fund’s portfolio.
The fund reported a EBITDA of EUR 324 million. Their retail centers have 307 million visits and their tenants’ sales went up by 7.5 percent. The total portfolio value owned by NEPI is EUR 5.9 billion, up by 20 percent compared to 2017.
In 2018, the company finalized investments worth EUR 854 million in the region, of which EUR 594 million have been allocated for the acquisition of premium properties, and over EUR 260 million have been invested in lands and the development of premium projects.
“With an experience of over eleven years in CE Europe, NEPI Rockcastle has gained significant know-how in developing retail real estate projects and a big portfolio of premium centers in different countries. We will focus on the active portfolio management”, said Alex Morar, CEO NEPI Rockcastle.
This year, the largest owner of shopping centers in Romania announced that was preparing to sell its office portfolio, valued at about 300 million euros.
The South African investor owns five office buildings: the 47,000 sqm City Business Center in Timisoara, valued at EUR 97.1 million and annual rents of EUR 7.9 million; Floreasca Business Park with a surface of 36,300 sqm and valued at EUR 108.3 million, with annual rents of EUR 7.9 million; The Lakeview, with an area of 25,600 sqm, estimated at EUR 74.5 million and EUR 5.4 million annual income from rent; Victoriei Office of 7,800 sqm, valued at EUR 40.7 million and a rent income of EUR 2.7 million (all three in Bucharest); The Office in Cluj-Napoca, with an area of 63,600 sqm, rated at EUR 61.1 million and with EUR 5.1 million from rents.