Rüdiger Dany, the architect behind NEPI Rockcastle's remarkable transformation into Europe's leading retail real estate powerhouse, will step down as Chief Executive in March 2026, the company announced today. The departure marks the end of an era for the Amsterdam-listed REIT that operates Europe's third-largest retail real estate portfolio by investment value, spanning €8bn across 60 properties in eight CEE countries, with market-leading positions in Romania and Poland.
Since taking the helm in February 2022, Dany has orchestrated one of the most impressive turnarounds in European real estate, driving net operating income up by 58% from €347m to €547m by end-2024, whilst distributable earnings per share soared 75% to 60.17 euro cents. This performance comes as traditional retail real estate faces unprecedented headwinds from e-commerce disruption and changing consumer behaviour, making NEPI Rockcastle's success all the more remarkable.
The timing of Dany's departure appears strategic, coinciding with what industry insiders expect to be a pivotal consolidation phase in Central and Eastern European retail real estate. With €1.2bn in acquisitions completed since 2022, including recent landmark deals for Magnolia Park Shopping Centre in Wroclaw (September 2024) and Silesia City Center in Katowice (December 2024), NEPI Rockcastle has positioned itself as the dominant consolidator in a fragmented market where smaller operators increasingly struggle with refinancing challenges. The company's €788m development pipeline further underscores its capacity to capitalise on market opportunities whilst competitors retreat.
"Following consultation and agreement with NEPI Rockcastle's Board, my CEO mandate will end in March 2026. This move will allow me to pursue other opportunities in international commercial real estate, the retail industry and consultancy," Dany stated, adding that the timeline would allow him to "deliver the full year's financial results for 2025, which will show the impact of the successful major acquisitions we completed in 2024."
Perhaps most significantly for investors, Dany has established NEPI Rockcastle as the largest non-specialist renewable energy supplier across CEE markets through strategic photovoltaic installations across the portfolio. This energy business, launched with just €34m investment in Romania during 2022-2023, generated €9m revenue in 2024 and promises returns roughly double those of traditional retail developments. What many investors may not realise is that this renewable energy pivot positions NEPI Rockcastle perfectly for the incoming EU taxonomy regulations and ESG-driven capital allocations, potentially unlocking access to green financing at preferential rates whilst creating a defensive revenue stream independent of retail performance.
George Aase, NEPI Rockcastle Chairman, confirmed that "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." With the company maintaining a robust loan-to-value ratio of 32.1% and €1.7bn in capital successfully raised during Dany's tenure, his successor inherits a platform primed for continued expansion in Europe's most dynamic retail markets.
People mentioned:
- Rüdiger Dany - Chief Executive Officer, NEPI Rockcastle
- George Aase - Chairman, NEPI Rockcastle
Companies mentioned:
- NEPI Rockcastle - Europe's third-largest listed retail real estate company by investment portfolio value and largest owner, operator and developer of shopping centres in Central and Eastern Europe, with €8bn portfolio across 60 properties in eight CEE countries including Romania, Poland, Bulgaria, Hungary, Slovakia, Croatia, Czech Republic and Lithuania
