14 C
Bucharest
September 27, 2021
BUSINESS BUSINESS COMPANIES ECONOMY

NEPI Rockcastle, balance sheet in the 14th year of activity in Romania: Total investments of over 2 billion euros and tens of thousands of jobs generated in the local economy

We will continue the investments with benefits of hundreds of millions of euros for public budgets

 

NEPI Rockcastle, the largest investor and developer of shopping centers in Central and Eastern Europe, has invested over 2 billion euros in the first 14 years of activity in Romania, in urban real estate projects. The group has generated revenues of over 100 million euros in Romania’s central budget and over 50 million euros in local budgets in the last five years alone.

These results strengthen NEPI Rockcastle’s position as one of the largest investors in Romania and the largest in the real estate market, also contributing to Romania’s position with foreign investors as a solid and secure business environment.

In Romania, the company has 230 employees and generates, through its investments, another 30,000 jobs in the local economy.

Over 1,000 small, medium and large traders operate in the shopping centers in the NEPI Rockcastle portfolio; local, regional and international, operating over 3,000 stores, with a total annual turnover of more than 1 billion euros.

Currently, the company has liquidity of 1 billion euros and is excellently positioned for new investments in Romania and other markets. Of course, future investments in the local market and their sizing will be influenced by the evolution of the legislative framework and the observance of the accession treaties to the European Union.

“At the time of this review, I want to thank all those who were involved and contributed to the success of the company: our employees, for their professionalism and dedication, tenants – the most important and close partners, communities and visitors of our commercial centers, and investors for their trust and, last but not least, to the authorities for supporting the Romanian private environment,” said Alex Morar, the company’s CEO.

For 2021, NEPI Rockcastle estimates investments of € 140 million for development and capital expenditures related to ongoing projects, as well as other opportunities depending on market developments.

The modernization of shopping centers and the development of residential projects remain priority activities in the group’s strategy.

Despite the strong impact of the pandemic on the activity of shopping centers, we recall that in the summer of 2020, in a difficult economic and social context, NEPI Rockcastle opened the 20th shopping center in the local portfolio, Shopping City Târgu Mureș, through an investment of 70 million euros. This was followed by the issuance of green bonds, worth 500 million euros, and the conclusion of the transaction for the sale of the portfolio of office buildings in Romania, for the amount of 290 million euros, as part of the strategy of concentrating operations in the shopping center sector.

As comfort and a complete shopping and entertainment experience in a shopping center prevail, the second half of 2020 meant for NEPI Rockcastle investments in extensions and renovations of its shopping centers: outdoor terrace and a new six-screen cinema at Shopping City Buzau , investments of over 2 million euros for the modernization of 7,000 sqm and the inauguration of the largest Decathlon in the region (2,000 sqm), in Brăila Mall.

Over the next 10 years, the company plans to invest heavily in carbon footprint reduction projects, such as: renewable energy, higher energy efficiency levels and carbon offsetting. NEPI Rockcastle’s sustainability projects in the nine countries, including Romania, in which it operates a portfolio of assets worth 5.8 billion euros, represent the company’s commitment to supporting sustainable and community development, by bringing together initiatives dedicated to the three pillars that define the group’s sustainability strategy – education, environmental protection and community.

 

 

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