Nepi Rockcastle, the largest mall owner in central and Eastern Europe (CEE), says its tenants enjoyed an almost full recovery from the effects of Covid-19 lockdowns in early 2022 and, though costs are surging, so far the direct effect from Russia’s invasion of Ukraine on occupants has been limited.

Footfall rose more than a third in the three months to end-March, Nepi said in a first-quarter update, with tenant sales up more than half, when excluding hypermarkets, indicating a return to pre-pandemic levels...