SHOPPING CENTRE ACQUISITION
Nepi Rockcastle makes Lithuania property debut
Eastern Europe focused real estate company Nepi Rockcastle has acquired a shopping centre in Lithuania, marking its entry into the continent’s Baltic states.
The firm now owns shopping centres in several countries and continues to diversify across eastern Europe, saying it has exposure to some of the most dominant centres in areas which have been largely under-serviced in terms of retail.
Nepi Rockcastle said on Friday it had bought 100% of the shares in Ozantis, which owns Ozas Shopping and Entertainment Centre in Vilnius, Lithuania’s capital city, for €124.6m.
CEO Spiro Noussis said the centre, which had current net operating income of €8.8m an annum, served some of the country’s most affluent shoppers. He said that it was not the dominant centre but it appealed to customers with attractive spending power.
"There is a larger shopping centre in the city. However, we believe that we have bought the one which appeals to the more affluent customer base with its modern design and strong tenant mix," said Noussis.
The group also bought a retail centre in Olsztyn, Poland, for €64.9m, entering its 10th city in the largest economy in eastern Europe.