NEPI Rockcastle aims to open Galati Retail Park mixed-use project in 2026

NEPI Rockcastle announces it has started the permitting process for the development of Galati Retail Park, a mixed-use scheme in Galati, which includes 40,900 sqm of retail and 21,500 sqm of residential units.

The expected date for obtaining the building permit is in Q3 2025, and the anticipated opening date is in Q4 2026, a company report shows. The Group’s growth strategy is to expand and renew its core portfolio and deliver a 788 million euros development pipeline.

Among the development projects underway:

• The 5,900 sqm extension of Ploiesti Shopping City opened on 25 September 2024, with an occupancy of 97% (and lease terms agreed for 100%). Construction started in November 2023.
• The extension of Promenada Bucharest, where lease terms are already agreed for 66% of the additional GLA, is expected to open in Q4 2026.
• Refurbishment of Arena Mall Budapest started in April 2024 and will be completed in Q2 2028. Lease terms have been agreed for 90% of the refurbished GLA.

Sustainability is a key focus for NEPI Rockcastle, with an ambitious energy project central to the Group’s efforts to green its portfolio. The first phase, a 34 million euros installation of photovoltaic panels in 27 retail locations in Romania, is now complete and produced revenues of 7.9 million euros in 9M 2024.

The second stage of this project, involving a roll out of the programme in the Group’s shopping centres outside Romania, is well underway. The concept design was completed for 24 locations identified as suitable for development, adding up to a total installed capacity of 15 MW. The 24 locations are in various stages of permitting or construction.

Under the third phase of the green energy project, consisting of investments in greenfield, ready-to-build photovoltaic projects in Romania, a location has already been secured for the development of a 50 MW project in the west of the country. Construction is expected to start in Q1 2025. A second location has been identified with a capacity potential of more than 100 MW and is currently under due diligence. The company has earmarked almost 100 million euros for these projects.