NEPI Rockcastle reports EUR 200 mln revenues from rents

Johannesburg-listed investment fund NEPI Rockcastle, the largest real estate investor in Romania, announced that its total total portfolio was valued at EUR 6.1 billion at the end of June, up EUR 200 million from one year earlier, says Romania-Insider.com.

The company posted EUR 199 million in revenues from rents, while the vacancy rate declined from 3.8% to 2.6%. The fund’s portfolio in Romania stood at around EUR 2 billion and generated net rental income worth EUR 79 million.

As a strategic development, NEPI Rockcastle is planning residential developments adjacent to its shopping malls. These developments are currently in the design and permitting phase, have an estimated construction cost of EUR 83 million, and the first units are expected to be completed in two years.

Focusing on sustainable long-term growth and considering the healthy liquidity of the Romanian office market, NEPI Rockcastle started disposing its Romanian office portfolio. In May 2019, the fund sold its 50% stake in The Office Cluj-Napoca at a premium to book value. The remaining four Romanian type A office buildings had a book value of EUR 307.9 million at the end of June. NEPI Rockcastle expects to reinvest the proceeds in high-quality shopping centers.

Read more HERE

Photo: ClujToday.ro

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