Nepi Rockcastle books record earnings amid healthy Eastern European consumer confidence

Nepi Rockcastle, which owns a €6.9 billion (R140 billion) portfolio of retail centres in central and eastern Europe (CEE), reported on Tuesday that it booked record earnings in its 2023 year, helped by a complete recovery from Covid-19 and investments in its portfolio.

Distributable earnings rose 9.3% to almost 57 euro cents to end-December, the company said after the JSE closed on Tuesday, exceeding even its own expectations. Its distribution amounted to about €332 million, or about 51.3-euro cents, based on a 90% payout ratio.

Shares in Nepi, valued at more than R82 billion on the JSE, were up only marginally on Wednesday morning but have gained almost 17% in the past year.