NEPI Rockcastle results and plans after H1

The recently merged companies are to pay a dividend is 23.46 euro cents per share. 50 pct of the company’s portfolio is in Romania, followed by Poland with 29 pct, Slovaki with 10 pct, Croatia with 6 pct, the Czewch Republic with 4 pct and Serbia with 1 pct. The company has also announced that it has received regulatory approval for the Serdika Center in Bulgaria with the deal to be concluded by the end of the month. NEPI Rockcastle is pursuing a development pipeline which exceeds EUR 1.3 bln (including redevelopments and extensions, estimated at cost), of which EUR 175 mln was spent in aggregate by NEPI and Rockcastle by June 30 th 2017. During the period, NEPI completed the development of Victoriei Office in Bucharest and the third phase of The Office in Cluj-Napoca. Additionally, NEPI and Rockcastle commenced construction of several projects in Romania, Serbia and Poland, including developments in Galati, Novi Sad, Ramnicu Valcea, Wołomin and Zabrze, while zoning has been received for a shopping centre in Satu Mare, Romania. No substantial progress has been made with zoning and permitting for the Promenada Mall extension. NEPI completed the 20,200 sqm gla third phase of The Office, Cluj–Napoca, bringing the total gla of the office complex to 63,600 sqm. The third phase is 96 pct leased. Tenants include Betfair, Digital Velocity, Magneti Marelli, Telenav, Thomsons and Tranistics. NEPI received the necessary permits for the fit-out of this 7,800 sqm gla landmark office located in central Bucharest, and completed the development. The building is 98 pct leased, with tenants that include Fitbit, General Electric and Philip Morris. Construction of the 21,000 sqm extension to Shopping City Galati is scheduled to be completed during the fourth quarter of 2017.Currently the mall has 27,500 sqm of space. The building permit for Ramnicu Valcea Mall in Romanua has been received and construction commenced for the 27,900 sqm mall , which is scheduled to open by the end of 2017. Currently, 89 pct of the centre is leased or subject to advanced negotiations. Tenants include Carrefour, Cinema City, Hervis, Jysk, NewYorker, Orsay and Textil Market, says EuroBuildCEE.com.

The extension of Platan Shopping Centre increasing the gla to 40,300 sqm, and including construction of a multi-level car park, is scheduled to open in November 2018. The building permit for the 9,200 sqm extension has been received and construction started. Work should be completed in October 2018. The retail park adjoining Galeria Wołomin will open for trading on August 31st 2017, increasing the total gla of the shopping centre to approximately 30,700 sqm. Construction has commenced on Promenada Novi Sad in Serbia with the first stage to offer 48,400 sqm gla.

NEPI had assets worth EUR 2.94 bln with toal liabilities of EUR 915 mln and had a total profit after tax of EUR 154 mln. Rockacastle had total assets worth EUR 2.29 bln total liabilities of EUR 629 mln and a profit of EUR 53 mln.

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