On April 1, Marek Noetzel, currently COO of NEPI Rockcastle, will take over the role of CEO from Rüdiger Dany. In an exclusive ACROSS interview, the manager outlines his strategic priorities and leadership philosophy. “You don’t change a winning team.” It is not a slogan for him, but a guiding principle — one that reflects his belief that stability itself can be a competitive advantage.
Born in 1978 near Gdansk, Poland, Noetzel belongs to a generation shaped by the economic transformation of Central and Eastern Europe following EU integration. He studied economics at the University of Gdansk and made a conscious decision early on to specialize — adding postgraduate studies in real estate valuation even before completing his degree.
A brief but intense period in banking proved decisive. The experience sharpened his understanding of risk, but also his preference for sectors where value creation unfolds over years rather than minutes. Real estate, particularly retail property in emerging CEE markets, offered that perspective.
His subsequent 15-year career at Cushman & Wakefield gave him a front-row seat to the institutionalization of the region’s retail real estate markets. Rising to partner, he worked on large-scale developments, complex leasing structures, and international investor mandates. Over time, his mindset shifted from advisory to ownership thinking — less focused on transactions, more on long-term performance.
This article was published in ACROSS Issue 1|2026
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Joining Rockcastle
In 2016, he joined Rockcastle. Following the merger with Romania-focused NEPI in 2017, Noetzel became a board member and helped shape the company’s five-year strategy. As he prepares to assume the CEO role, he frames continuity not as conservatism, but as strategic intent.
The fundamentals, he argues, remain compelling. Central and Eastern Europe continues to outperform Western Europe economically, supported by young populations, rising incomes, and resilient consumption. Short-term fiscal adjustments or political turbulence do not alter his long-term conviction. Retail real estate, he notes, operates on timelines far longer than those of governments.
At the same time, Noetzel is realistic about risk. His approach favors low leverage, strong balance sheets, and optionality — the ability to act when markets present opportunities rather than being forced to react.
“We want to take a little bit of risk in the long term, rather than a lot of risk in the short term,” he explains. This philosophy has underpinned NEPI Rockcastle’s performance and will continue to guide expansion decisions.
Leadership Focused on Execution and People
Internally, Noetzel sees his role as sharpening execution rather than redefining ambition. He plans to refine structures, clarify responsibilities, and ensure that decision-making remains fast despite the company’s scale. For him, agility is not a buzzword but an operational necessity — especially in a sector where timing can determine returns.
People play a central role in that equation. Noetzel wants NEPI Rockcastle to remain a company where teams are intellectually challenged and encouraged to continuously improve assets — not simply manage them. Mistakes, he believes, are inevitable in a development- and investment-driven business. What matters is learning quickly and not repeating them.
Looking ahead, Noetzel does not shy away from ambition. He sees clear potential for NEPI Rockcastle to grow well beyond its current asset base — provided expansion remains quality-driven. That may require looking beyond familiar formats or geographies, but always within a framework of financial discipline and long-term investor alignment.
For Noetzel, success is not defined by scale alone. It is measured by the ability to grow without diluting culture, decision-making speed, or strategic clarity. In that sense, his leadership marks not a new chapter, but a deliberate continuation — adapted to a more complex, more demanding environment.
INTERVIEW
ACROSS: MAREK, YOU ARE ABOUT TO TAKE OVER AS CEO OF NEPI ROCKCASTLE. WHAT IS TOP OF MIND AS YOU STEP INTO THIS ROLE?
MAREK NOETZEL: What is most important to me right now is continuity combined with clarity. Being an internal candidate makes the transition easier in many ways, because I know the company, the people, and the assets very well. At the same time, it creates a different challenge — you become the leader of people you worked with as peers. That requires transparency and trust.
I have a clear 100-day plan for the first phase, which is mainly internally driven. Present myself to the organization in my new role, ensure continuity and that responsibilities are clearly defined after the transition. NEPI Rockcastle has always been fast, agile, and decisive, and my priority is to protect exactly that DNA.
“You don’t change a winning team. My task is to protect and execute what already works.”
ACROSS: WILL YOUR APPOINTMENT LEAD TO STRATEGIC CHANGES?
MAREK NOETZEL: I don’t see myself as a revolutionary CEO. Together with Rüdiger, we have prepared a very strong five-year strategy. You don’t change strategy just because a new CEO steps in. Of course, we operate in a volatile environment, so adjustments may be needed over time, but the fundamentals will not change.
The company is where it is today because of disciplined execution, strong people, and a clear focus. Those are not things you replace — they are things you cultivate.
ACROSS: How will your role differ from your previous position on the board?
NOETZEL: I will be much more exposed in explaining and promoting NEPI Rockcastle’s investment and operational model externally and communicating our growth plans. A large part of my time will go into engaging with investors and other stakeholders. At the end of February, I will travel to South Africa for the presentation of our 2025 annual results, and I will be formally introduced as the new CEO and spend some quality time with our investors there.
I will also need to hand over my previous operational responsibilities but having worked with the team for many years, I have full confidence that this will be a smooth transition. Continuity is extremely important.
ACROSS: What are the key priorities for NEPI Rockcastle in the coming period?
NOETZEL: One immediate priority is the successful completion of the extension at Promenada Mall in Bucharest. It is a landmark development — possibly the largest retail project currently under construction in the region — and it will be a real game changer for the central business district part of the city where the asset is located.
Beyond that, growth remains central to our thinking. We have defined four strategic pillars, and if the market remains supportive and the right opportunities arise, we are ready. We are big enough, capable enough, and structured well enough to do things beyond what the market is used to.
“We are structured to do more than the market expects — when the right opportunity comes.”
ACROSS: How do you currently assess consumer and retail markets in Central and Eastern Europe?
NOETZEL: The consumer market is fundamentally strong. We have young populations, strong work ethic, and aspirational consumers who want to improve their lives and enjoy them. Of course, each country is different.
Poland, for example, is currently performing very well – now in the top 20 of the world’s economies – with solid GDP growth and strong consumer spending. Romania has seen some fiscal tightening recently, which means less money in consumers’ pockets, but these effects tend to be temporary. Markets adjust.
What matters to me is the long-term picture. Central and Eastern Europe continues to grow faster than Western Europe, while its risk profile improves year by year.
ACROSS: How do geopolitical and political uncertainties influence your decisions?
NOETZEL: They do matter, especially in terms of investor sentiment. But retail real estate assets last much longer than political cycles. We have already lived through many political changes, and the business has proven resilient.
I strongly believe in the European Union. It may be slow in decision-making, but it offers stability, democracy, and quality of life that are unique globally. Central and Eastern Europe, in particular, can benefit from nearshoring and economic rebalancing within Europe.
If the war in Ukraine ends with a credible peace, it could be a major positive catalyst for the entire region.
“Retail assets outlive political cycles. Our horizon is much longer.”
ACROSS: How do you balance growth ambitions with risk management?
NOETZEL: Through financial discipline. We prefer low leverage and step-by-step growth. That gives us flexibility and optionality. We don’t want to be forced into decisions — we want to be ready when the right opportunity appears.
We would rather take modest risk over the long term than excessive risk in the short term. That approach has served us well and will continue to guide our decisions.
ACROSS: What kind of leadership culture do you want to reinforce?
NOETZEL: I want a culture that is intellectually demanding and action-oriented. This is not a passive management business. We are not here just to collect rent — we constantly need to think about how our properties can perform better.
I want to encourage entrepreneurship too, which means that mistakes will happen from time to time especially in a business that invests and develops. What matters is learning from these and not repeating them. If I manage to keep people intellectually engaged and motivated, that alone will drive a large part of our success.
