Biggest mall owner in Romania reports 30% higher revenues in 2018

The total portfolio value of real estate developer NEPI Rockcastle rose by 20% last year, to more than EUR 5.9 billion at the end of 2018. Its revenues soared by 29.6% compared to the previous year to EUR 346 million in 2018, according to the company's latest report.

Properties in Romania, where NEPI is the biggest mall owner, account for 36% of its entire portfolio, local Wall-street.ro reported.

"In 2018, NEPI Rockcastle has maintained and strengthened its position as investor, operator, and developer in Central and Eastern Europe. It completed property acquisitions worth more than EUR 594 million and invested over EUR 260 million in land and developments. Financing came from asset sales and long-term loans," Alex Morar, NEPI Rockcastle CEO, said in the report.

The income rose mainly due to the 278,000 square meters increase in the total leased area, through acquisition and organic growth as well.

The geographical dispersion of the NEPI Rockcastle portfolio was at the end of 2018 the following: Romania 36%, Poland 24%, Hungary 10%, Slovakia 9%, Bulgaria 9%, Croatia 4%, Czech Republic 3%, Serbia 3%, Lithuania 2 %. The most important retail acquisitions made by NEPI Rockcastle last year were in Poland, Lithuania, Hungary, and Slovakia, while in Romania the company focused on greenfield development or expansion of existing retail units. In 2018, NEPI Rockcastle completed the construction of Shopping City Satu Mare, with a leasable area of 29,200 sqm.

(Photo source: Facebook / Kereskényi Gábor)