WOOD Flash – NEPI Rockcastle: sells Promenada Novi Sad in Serbia for EUR 177m
NEPI Rockcastle (NRP) is selling Promenada Novi Sad, the last building it owns in Serbia. The price for the shopping centre, which NEPI Rockcastle built in 2017-18 for EUR 121m, has been set at EUR 177m. On our estimates, the property will have generated a total IRR of around 13% since 2017, when NEPI Rockcastle started construction. Up until 2023, the shopping centre’s book value was ranging between EUR 120-130m. At the end of 2023, when NRP moved it to “held for sale”, it was revalued at EUR 146m. The selling price, which translates into a c.7% yield, marks a 22% premium to the last reported book, and a 37% premium to the YE22 BV (the last year before the mall was moved under “held for sale”).NEPI Rockcastle is engaged in developing, acquiring and holding commercial properties, either directly or indirectly through the acquisition of listed equities.
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