NEPI Rockcastle has established a clear goal for its next phase of European expansion, targeting a portfolio valued between €12–13 billion within the next five years. During its 2026 Capital Markets Day in Warsaw, the company detailed its plans to build on existing strengths, such as in-house expertise, retailer partnerships, and disciplined capital allocation, to fuel further growth in emerging markets. This strategy extends beyond Central and Eastern Europe (CEE) to include Spain, where the group now operates.

The company’s existing portfolio totals €8.4 billion across 60 assets in eight European markets, positioning it as the largest retail real estate owner in CEE and the third-largest listed landlord in continental Europe. Over the past five years, it has secured €3.6 billion in funding while maintaining a 33.1% loan-to-value ratio, well under its 35% target, and a BBB+ investment-grade credit rating. This financial stability enables swift action on acquisitions and developments, reinforcing its market position. A central element of its growth plan is active asset management, with nearly €500 million invested in refurbishments, extensions, and upgrades over the last five years.

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The focus remains on dominant shopping centers capable of delivering consistent income growth. Through acquisitions and capital recycling, the company redirects funds into higher-quality assets and markets with stronger growth potential. Recent transactions in Poland and Spain exemplify this strategy, while selective disposals in non-core markets optimize returns. Development remains a key focus, with projects tailored to retailer demand and shifting consumer behavior. The company also integrates renewable energy solutions, particularly solar generation, to cut operational costs and diversify revenue.

Spain, in particular, represents a strategic expansion into a market with favorable demographics and economic stability, one where NEPI Rockcastle can apply its proven CEE model to broaden its income streams and access more mature European markets. The group’s 90% dividend payout ratio shows its dedication to shareholder returns, even as it reinvests in expansion. With Spain now integrated into its operations, NEPI Rockcastle is assessing whether its CEE-focused strategies can translate to more developed markets. Early performance in Spain will determine whether the company can sustain growth while upholding its core principles of disciplined asset management and financial prudence.