NEPI Investment Management S.A.

What NEPI Investment Management S.A. does

NEPI Rockcastle N.V. (the public entity behind the former NEPI Investment Management S.A.) is a Dutch public limited company listed on Euronext Amsterdam under the ticker NRP (ISIN NL0015000RT3). It is the leading property owner, operator and developer of shopping centres in Central and Eastern Europe, with a €8.2 billion investment property portfolio spanning 60 properties, 2.4 million m2 of Gross Lettable Area, and 8 countries as of December 2025. The portfolio generated 354 million visits in 2025 and maintained a 99% occupancy rate across approximately 8,300 tenants, delivering 11.2% Net Operating Income growth. International fashion and lifestyle groups — including Inditex, LPP Group, Sephora, Nike, Pandora, New Yorker, Rituals and Desigual — anchor the tenant base, supported by active asset management and a €845 million 2026-2028 development pipeline (of which €326 million was already invested by December 2025).

Name

NEPI Investment Management S.A.

Legal name

NEPI Rockcastle N.V.

Website

https://nepinvest.com

Company type

Public

Operating status

Operating

Headcount range

51–100 employees

Ownership category

akta.pro rank

Product category

Commercial Real Estate / Shopping Center Operations

NAICS

Lessors of Real Estate (5311), Real Estate and Rental and Leasing (53)

SIC

Real Estate Dealers (For Their Own Account) (6532)

akta.pro primary industry

Core Real Estate (Stabilized/Core-Plus) (FSAAAKAA)

Keywords

• Shopping center operations
• Commercial real estate
• Retail property leasing
• Property development
• Real estate investment trust

Headquarters

HQ city

Amsterdam

HQ country

Netherlands

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Marketing or Sales, Technology or R&D

Revenue model

1. Commercial Property Leasing: NEPI Rockcastle generates revenue primarily through leasing retail spaces in shopping centers across Central and Eastern Europe. The company charges rent from tenants operating in their properties, which include fashion brands, restaurants, entertainment, and services. Revenue is complemented by asset management fees and property value appreciation.
2. Renewable Energy: In 2025, renewable energy installations contributed €9.6 million to Group's NOI, representing a new business stream. The company operates 30 on-site PV installations and plans to expand with additional PV projects and battery energy storage.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels7 records

Core offering

NEPI Rockcastle is a property investment company that owns, operates, and develops a portfolio of shopping centers across Central and Eastern Europe. The company leases retail space to fashion, food and beverage, and services tenants across 60 properties spanning 8 CEE countries, with a total gross lettable area of 2.4 million square meters and investment property value of €8.2 billion.

Product overview

NEPI Rockcastle is a single-platform real estate investment company operating as the leading property owner, operator, and developer of shopping centers across Central and Eastern Europe. The company offers a unified suite of services built around its core shopping center portfolio of 60 properties in 8 countries. The core product is the shopping center portfolio itself, supported by retail leasing services, development projects (€845 million pipeline), renewable energy solutions (on-site PV installations), and asset rotation strategies. The company also maintains an investor relations platform for shareholder communication. All offerings are integrated under the NEPI Rockcastle brand, with no separate modular products or standalone SaaS offerings.

Differentiator

Problem solved

Functional benefit

Products and services

• Shopping Center Portfolio A portfolio of 60 shopping centers located across 8 Central and Eastern European countries, totaling 2.4 million square meters of gross lettable area with €8.2 billion in investment property value, leased to 8,300 retail tenants with a 99% occupancy rate.
• Retail Leasing Services Leasing of retail space to fashion and apparel brands, food and beverage operators, and services tenants across the shopping center portfolio, attracting 354 million visits in 2025 and maintaining a 99% occupancy rate.
• Property Development Development of new shopping center projects and expansion of existing properties, supported by an €845 million committed development pipeline to grow and modernize the asset base.
• Asset Rotation and Portfolio Optimization Active management of the property portfolio through strategic acquisitions and disposals to recycle capital into higher-yielding assets and high-growth markets, optimizing the asset base.
• Renewable Energy Solutions Deployment of photovoltaic (PV) solar energy installations across the shopping center portfolio to reduce operating costs, support sustainability goals, and provide renewable energy to tenants.

Quantifiable outcome

• 11.2% NOI growth achieved against challenging macroeconomic background
• +3 more outcomes

Named customers8 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Seven partnerships are on record, tiered flagship and core.

• Inditex Group (Zara, Pull&Bear, Massimo Dutti, Bershka, Stradivarius, Oysho, Zara Home, Lefties)flagshipOthersInditex Group operates multiple fashion brands across NEPI Rockcastle's shopping center portfolio. The company is among the major international fashion retailers in the NEPI Rockcastle tenant base.
• SephoracoreOthersSephora operates cosmetics and beauty retail stores in NEPI Rockcastle shopping centers.
• PandoracoreOthersPandora operates jewelry retail stores in NEPI Rockcastle shopping centers across the region.
• NikecoreOthersNike operates sportswear retail stores in NEPI Rockcastle shopping centers.
• RitualscoreOthersRituals operates beauty and wellness retail stores in NEPI Rockcastle shopping centers.
• LPP Group (Sinsay, Mohito)flagshipOthersPolish fashion group LPP operates multiple fashion brands including Sinsay and Mohito across NEPI Rockcastle's Central and Eastern European portfolio.
• New YorkercoreOthersGerman fashion retailer New Yorker operates stores in NEPI Rockcastle shopping centers.

Scale indicators13 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• Hammerson: UK-listed REIT focused on prime urban retail and leisure destinations in Europe. Comparable business model of operating flagship shopping and destination retail assets, though with a Western European focus.
• Klépierre: Europe's largest pure-play shopping center REIT with a pan-European footprint. Comparable business model of owning and operating flagship shopping centers with major international retail tenants.
• Unibail-Rodamco-Westfield: Global shopping center REIT with flagship destinations across Europe and the US. Comparable core business of premium shopping center ownership and operation, though at much larger scale and focused on Western markets.
• Mercialys: French-listed retail REIT with portfolio of large shopping centers adjacent to Carrefour hypermarkets. Comparable business model focused on shopping center leasing to major retail and F&B brands.

Regional players

• Globe Trade Centre (GTC): CEE-focused real estate developer and operator with office, retail, and residential assets. Comparable geographic footprint in Central and Eastern Europe and operates retail assets alongside other property types.
• CTP: Largest CEE-listed industrial and logistics real estate developer. Comparable regional real estate platform operating across Central and Eastern Europe, though focused on logistics rather than retail.
• Echo Investment: Polish real estate developer with retail, office, and residential assets. Comparable regional player in CEE real estate with shopping center assets that compete with NEPI in the Polish market.
• Citycon: Nordic-listed shopping center REIT operating community-based retail centers across the Nordics and Baltics. Comparable business model of owning and leasing shopping centers to international retail tenants.

Direct peers

• Atrium European Real Estate: Formerly a CEE-focused shopping center REIT that was acquired by GTC. Was the most direct historical peer to NEPI Rockcastle in Central and Eastern European retail real estate before going private.
• Eurocommercial Properties: Dutch-listed REIT focused on shopping centers in Italy, France, and Spain. Direct peer operating a similar retail real estate platform with comparable tenant base, capital structure, and active asset management model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@nepirockcastle.
• LinkedInlinkedin.com/company/nepi-investment-management-s-a-

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about NEPI Investment Management S.A.