Friday, 18 September 2026
NEPI Rockcastle has agreed to sell the Ozas Shopping and Entertainment Centre in Vilnius for €200 million, bringing its eight-year presence in Lithuania to an end and marking the group’s withdrawal from the Baltic region.
The property is being acquired by UTIISIB UAB Prosperus Retail Property Fund. NEPI Rockcastle expects approximately €179 million in net proceeds, representing a 13% premium to the property’s IFRS net asset value as of 30 June 2026. Completion is expected during the fourth quarter of 2026, subject to regulatory approvals and other customary closing conditions.
Ozas is NEPI Rockcastle’s only property in the Baltics, making the transaction a wider geographical repositioning rather than simply the disposal of an individual shopping centre. The group intends to redirect the proceeds towards markets in Central and Eastern Europe where it already operates larger portfolios, as well as Spain, which it recently entered as part of its expansion beyond CEE.
“Ozas has been a highly successful investment for NEPI Rockcastle from start to finish. We entered Lithuania in 2018 with a clear vision for the asset, and our asset management and leasing teams executed that strategy exceptionally,” said Marek Noetzel, CEO of NEPI Rockcastle. “While Ozas continues to perform strongly, we took the deliberate and disciplined decision to exit the Baltic region as part of our ongoing portfolio optimization.”
NEPI Rockcastle acquired Ozas in 2018 and subsequently increased its gross lettable area from approximately 62,400 sqm to around 70,600 sqm. The shopping centre now accommodates approximately 200 retail units, together with cinema, fitness, family entertainment, food and service operators. During its ownership, the group also changed the tenant mix and expanded the centre’s leisure and entertainment offer. The disposal therefore follows a period of investment and repositioning rather than an exit from an asset described by the seller as underperforming.
“As the leading owner, operator and developer of shopping centres in Central and Eastern Europe, we must continuously allocate capital where we see the strongest opportunities to create long-term value at scale,” Noetzel said. “This transaction reflects a bold but carefully considered move to sharpen our geographic focus and redeploy capital into higher-growth opportunities, including Spain, where we recently made our first investment outside Central and Eastern Europe.”
The pricing is particularly relevant for the Lithuanian investment market. The expected net proceeds being 13% above the property’s June IFRS net asset value indicate that NEPI Rockcastle is using the transaction to release capital from a performing property rather than disposing of an asset under financial pressure.
For the group, the decision also reflects the importance it places on operating at scale. Maintaining a single Lithuanian property offers fewer opportunities for portfolio efficiencies and expansion than markets where NEPI Rockcastle has a larger presence.
“The decision to exit the Baltics is a strategic one. Our competitive advantage lies in owning dominant assets at scale in markets where we have depth, and a single asset in Vilnius no longer fits that model,” said Anca Nacu, CIO of NEPI Rockcastle. “Recycling €179 million of net proceeds into our core markets allows us to put that capital behind opportunities with a higher growth contribution.”
The transaction provides NEPI Rockcastle with additional capital for investment across its established CEE markets and its developing position in Spain. Once completed, the sale will close the group’s Baltic investment chapter while transferring one of Vilnius’s major shopping and entertainment centres to Prosperus Retail Property Fund.
