Nepi Rockcastle enters the Baltics with €125m retail deal

Johannesburg-listed CEE-focused Nepi Rockcastle has acquired €190 mln worth of retail assets in two acquisitions in Poland and in Lithuania and said it is in 'advanced negotiations' on several other transactions.

In a statement, the company said that it has acquired the Ozas shopping and entertainment centre in Vilnius, Lithuania, in a share deal worth €125 mln.

The vendor of the 60,000 m2 scheme is Arena Zweite Verwaltungs.

Opened in 2009, the scheme marks the company’s entry into the Baltic region. The centre has a current net operating income of €8.8 mln per annum.

In addition, Nepi Rockcastle has taken 100% of the shares in Milvus, the owner of the Aura shopping centre in the city of Olsztyn in Poland from Rockspring NPS European Alfa B.V. for €65 mln.

Aura Centrum is a shopping and entertainment destination with a gross lettable area of over 25,000 m2. Opened in 2005, the centre was extended in 2009 and further modernised in 2013 and 2016.

Aura Centrum is 94.2% let, generating a net operating income of €5.3 mln a year.

Nepi Rockcastle believes that the acquisition will create regional synergies as the company also owns Galeria Warminska, the dominant shopping centre in Olsztyn.


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