NEPI Rockcastle exits Baltics with €200m sale

NEPI Rockcastle has agreed to sell the Ozas Shopping and Entertainment Centre in Vilnius, Lithuania, its only asset in the Baltic region to UTIISIB UAB “Prosperus Retail Property Fund” for a gross transaction value of €200 million, generating estimated net proceeds of €179 million. The net proceeds represent a 13% premium to the property’s IFRS net asset value as at 30 June 2026.

Ozas Shopping and Entertainment Centre in Vilnius

The disposal marks NEPI Rockcastle’s full exit from the Baltics, releasing capital for redeployment into higher‑growth markets across Central and Eastern Europe, and into Spain, where it recently made its first investment outside CEE. Completion is expected in the fourth quarter of 2026, subject to customary closing conditions and regulatory approvals.

Marek Noetzel, CEO of NEPI Rockcastle, said Ozas had been “a highly successful investment from start to finish,” noting that the Group entered Lithuania in 2018 with a clear strategy that its asset management and leasing teams “executed exceptionally.” He said the decision to sell reflects a disciplined approach to portfolio optimisation. “As the leading owner, operator and developer of shopping centres in Central and Eastern Europe, we must continuously allocate capital where we see the strongest opportunities to create long‑term value at scale,” he said. “This transaction sharpens our geographic focus and redeploys capital into higher‑growth opportunities, including Spain.”

During eight years of ownership, NEPI Rockcastle repositioned Ozas into one of Vilnius’s strongest‑performing retail and leisure destinations. The centre’s GLA was expanded from 62,400 sq m to approximately 70,600 sq m across around 200 units, with significant investment in tenant mix, leisure and entertainment, and customer experience. The offer was broadened to include fashion, lifestyle, food and service brands, alongside cinema, family entertainment and fitness operators.

Anca Nacu, CIO of NEPI Rockcastle, said the exit is a strategic move aligned with the Group’s operating model. “Our competitive advantage lies in owning dominant assets at scale in markets where we have depth, and a single asset in Vilnius no longer fits that model. Recycling €179 million of net proceeds into our core markets allows us to back opportunities with a higher growth contribution.”