“Following consultation and agreement with NEPI Rockcastle’s Board, my CEO mandate will end in March 2026,” said Rüdiger Dany, NEPI Rockcastle’s CEO. “This move will allow me to pursue other opportunities in international commercial real estate, the retail industry and consultancy. By making this announcement now, I want to provide enough time for the Board to identify and onboard my successor. Following this timeframe, I will be closing the annual business cycle and will deliver the full year’s financial results for 2025, which will show the impact of the successful major acquisitions we completed in 2024 and other earlier strategic investments. I would like to thank the entire management team for the extremely strong performance of the business, currently and in the past three years, which is due to the exceptional talents of these ‘NEPI Rockers.’ We have positioned NEPI Rockcastle for a very bright future and to continue to deliver robust returns for our investors that have placed their trust with us.”
In the three years since Dany assumed the leadership of NEPI Rockcastle in February 2022, the company’s net operating income has risen 58% from 347 million euros to 547 million euros (excluding energy revenue) by the end of 2024. Distributable earnings per share increased by 75% from 34.42 euro cents to 60.17 euro cents over the period. Total capital raised was 1.7 billion euros, comprising 1.2 billion euros of debt and 500 million euros of equity, including a highly successful 300-million-euro bookbuild in 2024.
The company’s acquisitions have totalled 1.2 billion euros since 2022, primarily focused on top shopping center assets in Poland, while the balance sheet has remained strong with a stable LTV of 32.1%, comfortably below the threshold of 35%.
Rüdiger Dany said he was particularly proud of establishing NEPI Rockcastle’s renewable energy business under his tenure. Installed photovoltaic power generation will make the company the largest non-specialist renewable energy supplier across CEE markets, eventually covering most of its shopping centers and tenants’ electricity consumption, while generating a return on capital roughly double than that of retail developments. The energy business was established with an initial investment of 34 million euros in Romania over 2022-2023 and already generated revenue of 9.0 million euros in 2024.
“The Board of Directors wishes to thank Rüdiger Dany for his strong leadership and contribution to the outstanding performance of the business over the last three years and for his commitment during the remaining months of his tenure,” added George Aase, NEPI Rockcastle Chairman. “We wish him all success and further achievements going forward. The process of CEO succession has already started, and the Board has engaged a leading executive search firm with international scope to assess both internal and external candidates and identify the most suitable successor. We will update the market and shareholders as this process concludes with an appointment.”
