NEPI Rockcastle Sells Promenada Novi Sad for €177 Million

  • NEPI Rockcastle to sell Promenada Novi Sad for €177 million to CEE BIG BV's Serbian subsidiary.
  • Proceeds will fund future acquisitions and developments.
  • Transaction marks NEPI Rockcastle's exit from Serbia, focusing on core properties in stable markets.

Advance Health Acquisition

NEPI Rockcastle N.V., a Netherlands-incorporated company, has announced a significant transaction. The company, through its subsidiary NE Property B.V., will sell its Serbian retail property, Promenada Novi Sad.

The Disposal Agreement

On 3 July 2024, NEPI Rockcastle entered a binding agreement with CEE BIG BV. The agreement involves disposing of 100% of the shares in the subsidiary holding Promenada Novi Sad. This Serbian property will be acquired by a Serbian subsidiary of CEE BIG BV.

Rationale Behind the Disposal

NEPI Rockcastle aims to focus on core dominant properties. The company also seeks to increase its presence in countries with investment-grade ratings. This disposal aligns with that strategy. After this transaction, NEPI Rockcastle will have no properties in Serbia. The company will cease its operations in the country.

Use of Proceeds

The consideration for the Serbian property is €177 million. This amount is payable on the completion date. The net proceeds from the disposal will fund NEPI Rockcastle’s pipeline of acquisitions and developments.

Terms of the Disposal

The final cash consideration will be determined at the completion date. This will be based on the subsidiary’s financial statements as of that date. The disposal is conditional upon several approvals and conditions precedent. These include the approval of the Serbian competition authority. The purchaser also needs to secure bank financing for part of the consideration.

Warranties and Indemnities

The agreement contains warranties, indemnities, and undertakings. These are typically associated with transactions of this nature.

Financial Impact

The transaction will have a notable financial impact on NEPI Rockcastle.

Consideration for Serbian Property€177 million
Payable on Completion DateYes
Net Proceeds UseFunding acquisitions and developments


NEPI Rockcastle’s disposal of Promenada Novi Sad for €177 million is a strategic move. It aligns with the company’s focus on core properties in investment-grade countries. The proceeds will fund future acquisitions and developments, reinforcing NEPI Rockcastle’s market position.