EUROPEAN GROWTH
NEPI Rockcastle buys Polish shopping mall
The company acquires Alfa Centrum in Poland for €92.3m as part of its aggressive growth strategy
NEPI Rockcastle, the largest property group on the JSE with a market capitalisation of about R115bn, has bought yet another shopping centre as it continues on its aggressive growth path. The company, which is invested across the central and eastern European region, has acquired Alfa Centrum in Bialystok in Poland for €92.3m (R1.5bn), representing an acquisition yield of about 6.7%. NEPI Rockcastle’s share price has increased 12.59% since it was formed from the merger of New Europe Property Investments and Rockcastle Global Real Estate in July. With a gross lettable area of 37,000m², Alfa Centrum is the largest, most dominant fashion destination in Bialystok. According to NEPI Rockcastle, the city has about 290,000 people and Bialystok benefits from cross-border retail trade due to its proximity to the Belarussian border. "Alfa Bialystok is located near the city centre and is close to the internal ring road, ensuring connectivity to the immediate catchment from central areas and the ...
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