"Over the past two decades, we have built a retail real estate platform in Central and Eastern Europe, driven by our in-house expertise, strong partnerships with retailers and a disciplined approach to investment," said Marek Noetzel, Chief Executive Officer of NEPI Rockcastle. "Our entry into Spain represents an important step forward in that strategy. Our focus remains on acquiring and developing the right assets, creating value through active management and maintaining the financial flexibility to act quickly when attractive opportunities arise."

With a portfolio valued at €8.4 billion and comprising 60 assets across eight European markets, NEPI Rockcastle is the largest owner of retail real estate in CEE and the third largest listed in continental Europe. The group highlighted a loan-to-value ratio of 33.1%, below its strategic ceiling of 35%, and a BBB+ investment-grade credit rating. "Financial prudence gives us the flexibility to act when opportunities arise," said Eliza Predoiu, Chief Financial Officer at NEPI Rockcastle, adding that the group had raised €3.6 billion through diversified funding sources over the past five years while maintaining a 90% dividend payout ratio.

Management outlined four growth drivers: active asset management, acquisitions, property development and renewable energy production. Over the past five years the group has invested close to €500 million in refurbishments, extensions and an upgraded retail and leisure offer. Acquisitions and capital recycling are directing capital into higher-quality assets, including recent investments in Poland and the purchase of MegaPark Barakaldo, near Bilbao, Spain, for €252 million in August 2026. Solar generation provides an additional income stream and supports energy cost management across the portfolio.

Expansion into Spain is described as a key step in a broader European growth strategy. The group intends to apply its investment and asset management capabilities to new markets while continuing to assess opportunities across CEE. Expanding beyond the region is expected to broaden its income base and increase exposure to more developed European economies, supported by a development pipeline of approximately €800 million.