Tuesday, 3 November 2026
NEPI Rockcastle plans to increase the value of its European retail property portfolio to approximately €12–13 billion over the next five years, with acquisitions, redevelopment projects and expansion beyond Central and Eastern Europe forming the basis of its investment strategy. The company outlined its priorities during its Capital Markets Day held in Warsaw on 3 November 2026.
The group currently owns 60 retail properties across eight European markets, with a combined portfolio valuation of €8.4 billion. Reaching the upper end of its five-year target would represent an increase of approximately €4.6 billion, or 55%, from the current valuation. The company intends to achieve this through a combination of acquisitions, development activity, improvements to existing properties and investment in renewable energy.
Spain has become an important part of the group’s geographical expansion following its recent entry into the market. NEPI Rockcastle views the country as an opportunity to diversify its property holdings beyond its established Central and Eastern European operations. The company is examining further investment opportunities in Spain while continuing to evaluate acquisitions and development projects across its existing markets.
The expansion strategy is supported by a relatively conservative debt position. NEPI Rockcastle reported a loan-to-value ratio of 33.1%, compared with its internal ceiling of 35%, alongside a BBB+ investment-grade credit rating. Over the past five years, the company has raised approximately €3.6 billion through various financing arrangements to support acquisitions, development and other investment activities.
Chief Financial Officer Eliza Predoiu indicated that maintaining access to capital and controlling leverage remain important considerations as the company pursues further growth. NEPI Rockcastle also maintains a dividend distribution policy equivalent to 90% of its earnings measure used for shareholder distributions, balancing investor returns against the capital required for expansion.
Investment in existing shopping centres will remain a significant component of the strategy. During the previous five years, the group allocated almost €500 million to refurbishment, extensions and changes to retail and leisure facilities. These investments have been directed towards maintaining the competitiveness of established shopping centres, improving tenant composition and supporting rental income.
The company also intends to continue reallocating capital through selected property disposals and acquisitions. This approach allows it to reduce exposure to assets considered less central to its strategy while concentrating investment in properties and markets where management expects stronger long-term performance. Recent activity in Poland and Spain forms part of this process.
Development projects will focus primarily on expanding and upgrading existing retail properties rather than relying exclusively on new shopping centre construction. The group expects extensions, refurbishment and changes in tenant composition to remain important tools for responding to retailer requirements and evolving consumer spending patterns.
Renewable energy investment represents another element of NEPI Rockcastle’s plans. The company is developing solar electricity generation capacity associated with its shopping centre portfolio, with the intention of reducing exposure to external energy costs and generating additional revenue. The announcement did not specify new generation capacity targets or the capital expenditure allocated to future installations.
Chief Executive Officer Marek Noetzel said the company’s expansion would build on its existing retail property operations while extending investment into additional European markets. Management emphasised the importance of maintaining financial flexibility when evaluating potential acquisitions and development opportunities.
For the European retail investment market, NEPI Rockcastle’s strategy indicates continued institutional interest in established shopping centres, particularly assets with opportunities for redevelopment, rental growth and operational improvements. Its move into Spain also reflects a broader geographical investment approach among property owners traditionally concentrated in Central and Eastern Europe.
The company’s five-year target will depend on the availability and pricing of suitable acquisitions, financing conditions, development expenditure and the performance of its existing properties. NEPI Rockcastle has not provided a detailed breakdown of how much of the projected portfolio growth will come from acquisitions, development or changes in asset valuations.
