NEPI Rockcastle achieved a 12.1% growth in net operating income year-on-year in the first half (H1) of 2025 to €307 million as a result of the large acquisitions completed in 2024 and a continued improvement in the existing portfolio.
The strong operating performance of the properties lifted the value of its investment property portfolio to more than €8 billion for the first time in NEPI Rockcastle’s history. High demand for its quality retail assets also translated into a low vacancy rate of 1.6%.
Footfall increased slightly (+0.4%) in the second quarter (Q2), on a LFL basis, after a small decrease in the first quarter (Q1) of 2025 (-0.7% vs Q1 2024). Overall, the number of visitors has been remarkably stable over the last two years, despite ongoing economic uncertainties.
Growth in the average basket size accelerated (+9.7% in H1 2025 vs H1 2024). This represents the average across the entire portfolio and was positively influenced by the acquisitions of Magnolia Park and Silesia City Center, completed in 2024.
New leases, Sports Direct in Romania, Chanel in Poland
The Group signed new leases and lease extensions for a total of 167,000m2 gross lettable area (GLA) in H1 2025. New leases accounted for 26% of this total, of which 18% were signed with international retailers and 8% with national and local tenants, while 74% of the signings were renewals of existing leases.
During H1 2025 the Group welcomed tenants to several new units including Sports Direct (Promenada Craiova), Tous (Paradise Center), Mohito (Serdika Center), Chanel (Forum Gdansk Shopping Center), Oysho (Arena Mall), House (Forum Liberec Shopping Centre).
Refurbishment works on Arena Mall in Budapest
Refurbishment works on Arena Mall in Budapest started in April 2024 and will be completed in Q2 2028. Lease terms have been agreed for 96% of the refurbished GLA. Opened in 2007, Arena Mal has a 65,900 m2 GLA and 143 stores.
The extension of Pogoria Shopping Centre (Dąbrowa Górnicza, Poland) started in January 2025 and is 34% complete. The additional 4,800m2 GLA will open in Q1 2026. Lease terms have been agreed for 97% of the new space.
The extension of Promenada Bucharest is expected to open in Q1 2027. Lease terms have been agreed for 68% of the GLA. The redevelopment of Bonarka City Center is due for completion in Q2 2026, with lease terms agreed for 95% of the GLA.
Permitting for Promenada Plovdiv, a 60,500m2 GLA greenfield development in Bulgaria’s second largest city, is ongoing, with the last permits expected to be obtained by Q1 2026. Opening is estimated during Q3 2027.
The building permit for the retail component of Galati Retail Park, a mixed-use scheme, is expected to be obtained in Q3 2025. The project, which includes 41,000m2 of retail GLA and 21,500m2 of residential space, is scheduled to open in Q4 2026. Lease terms have been agreed for 64% of the retail scheme.
