Nepi Rockcastle, a real estate investment trust (Reit) that has been a consistently strong performer since it was formed by the merger of New Europe Property Investments and Rockcastle Global Real Estate nearly four years ago, has been unable to evade the devastating effects of the Covid-19 pandemic.

The company, which is the largest landlord in Central and Eastern Europe, owning a €5.8bn (R104bn) portfolio of more than 50 retail centres including large malls and strip malls, saw its distributable earnings per share fall 31.8% in the year to December 2020 compared with a year ago...

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