The growth was supported by higher base rents, tight management of operating costs and an €8.8 million contribution from the three acquisitions - Forum Gdansk Shopping Center, Copernicus Shopping Centre, 50% of Ploiesti Shopping City, which were closed in the second half of 2022.

At the same time, tenant sales were 25% higher in Q1 2023 versus the same period a year ago, underpinned by a 14% increase in footfall and an 8% rise in spending per visit.

“The exceptional performance NEPI Rockcastle achieved in the first quarter, reflects the continued momentum in the very positive retail market trends coming out of the pandemic. These have been more powerful in CEE than equivalent Western European markets because our consumers have proved to be more resilient and shopping centres play a much greater economic and societal role in regional cities. International retailers have duly taken note of the higher growth prospects on offer in CEE and are signing up for leases in our properties in increasing numbers as a result,” said Rudiger Dany, NEPI Rockcastle’s CEO.

In Q1, NEPI Rockcastle signed 219 new leases and lease renewals, for more than 47,200 sqm (2.2% of total GLA), of which 61% are new leases.

In Romania, the group will open Promenada Craiova in Q3. The mall component of the project has a pre-lease rate of 97%, while for the retail park it stands at 76%. Close to half of the Promenada Mall Bucharest extension also has agreed lease terms, while the group’s first residential project in Bucharest will be completed in Q2 2023.

NEPI Rockcastle’s development pipeline under construction or under permitting amounts to €677 million, of which a total of €271 million has been spent by 31 March 2023.

At the end of Q1, the group had €926 million in cash and undrawn committed credit facilities.