NEPI Rockcastle has a development and refurbishment pipeline of more than €650 million in 2024 across Central and Eastern Europe (CEE), which is the biggest retail investment program in the region.
The pipeline has a development volume of around 168,000 sqm across Bulgaria, Hungary, Poland and Romania.
The biggest single extension program is of Promenada Mall in Bucharest. NEPI Rockcastle will add 55,4000 sqm of mixed-use spaces following an investment of around €282 million that will be completed at the end of 2026.
In Plovdiv, Bulgaria, NEPI Rockcastle will invest €173 million in the development of a new shopping mall spanning 60,500 sqm that will be delivered in 2026.
Elsewhere, the company will invest in the refurbishments of malls in Poland and Hungary.
NEPI Rockcastle said there are ongoing plans for a new retail park spanning 33,200 sqm in Galați, Romania, which will be developed following an investment of €48 million.
Another €39 million will be invested in extensions of three retail projects in Romania and Poland.
“NEPI Rockcastle is carefully calibrating its development pipeline and financing to match the strong demand for space we’re seeing from international and local retailers in CEE, as well as from other sectors such as entertainment and hospitality. The region is under-supplied for retail space in comparison with Western Europe, but economies in CEE countries are growing at twice the rate,” said Rüdiger Dany, NEPI Rockcastle CEO.
The executive added that the the current development pipeline to become accretive to earnings from 2027.
