Prosperus Agrees to Buy Ozas Shopping Centre in Vilnius From NEPI Rockcastle for €200 Million

Prosperus Retail Property Fund, managed by Prosperus Asset Management, has agreed to acquire the Ozas Shopping and Entertainment Centre in Vilnius, Lithuania, from international real estate group NEPI Rockcastle for €200 million. Newsec acted as NEPI Rockcastle's real estate transaction adviser on the deal, which was announced Sept. 17, 2026.

Completion is subject to customary closing conditions, including clearance from the Lithuanian Competition Council. The council approved Prosperus's acquisition of 100% of the relevant companies and sole control of the asset on Oct. 6, 2026, and completion had been expected in the fourth quarter of 2026. NEPI Rockcastle estimates seller proceeds at €179 million.

Ozas Sale Ends NEPI Rockcastle's Presence in Lithuania

The sale ends NEPI Rockcastle's eight-year presence in Lithuania and removes its only Baltic asset. NEPI Rockcastle said the price represents a 13% premium to Ozas's IFRS net asset value as of June 30, 2026.

"The sale is driven by NEPI Rockcastle's strategic decision to reallocate capital to markets where it has scale and a leading position," said Andrius Švolka, Head of Baltic Investment Transactions Group at Newsec.

Švolka said NEPI Rockcastle leaves Ozas "a materially different asset from the one it bought in 2018: fully let, expanded, and today among the busiest retail and leisure destinations in Vilnius."

NEPI Rockcastle reports an €8.4 billion portfolio of 60 properties in eight countries, a development pipeline exceeding €840 million and more than 680 employees. It describes itself as Europe's third-largest listed retail real estate company by investment portfolio value and the largest owner, operator and developer of shopping centres in Central and Eastern Europe. It recently entered Spain.

About the Ozas Shopping and Entertainment Centre

Ozas opened in 2009 and was NEPI Rockcastle's first investment in Lithuania when it acquired the centre in 2018. It sits along one of the busiest arteries connecting Vilnius' city centre with its northern districts, and its catchment includes more than 432,000 residents within a 30-minute drive.

The centre has approximately 70,600 square meters of gross lettable area and about 200 retail units and operators, including cinema, fitness, family entertainment, food and service tenants. Occupancy is 100%. The €200 million price implies roughly €2,833 per square meter, a figure calculated from the gross consideration and lettable area.

Since acquiring the property, NEPI Rockcastle expanded gross leasable area by close to 8,000 square meters, from approximately 62,400 to 70,600 square meters. It also added a basement-level family entertainment and leisure cluster and upgraded entrances, parking, facades, common areas and building energy efficiency.

Prosperus Retail Property Fund Builds a Baltic Portfolio

Prosperus Retail Property Fund received Bank of Lithuania approval in May 2026. It targets €125 million of investor equity and, over the longer term, aims to build a Baltic retail real estate portfolio worth up to €350 million. Ozas is one of the fund's first acquisitions and by far its largest.

Baltic Retail Investment Market Context

According to Newsec's capital markets research, Baltic commercial real estate investment volumes reached €616 million in 2025, up 24% year over year. Retail attracted €361 million, or 59% of all capital deployed, the largest share of any asset class in the region.

Local investors accounted for effectively all closed transaction volume in the Baltics in 2025, up from roughly one-third in 2019, as regional capital has displaced the Nordic and international buyers that once dominated the market.

"Retail real estate has turned into one of the most sought-after investment categories in the Baltics, and the sale of Ozas is the largest commercial real estate transaction we have seen in the region in recent years," Švolka said. "Demand for well-performing, income-producing retail assets remains strong, even as very few assets of this scale come to market."

Newsec's Recent Baltic Mandates

Newsec said Ozas is the largest of the sizeable transactions it has advised on across the Baltic capitals, a list that includes the Kristiine shopping centre in Tallinn, the Technopolis business campus in Vilnius, the Technopolis Ülemiste business campus in Tallinn, Viru Keskus in Tallinn and the Alfa shopping centre in Riga.

In May 2026, Newsec advised the seller on the sale of a 19-property Kesko Senukai retail portfolio, comprising approximately 184,000 square meters of leasable area, for €177.5 million. The firm described it as one of the largest portfolio transactions completed in the Baltics this year.

"We are currently working on several transactions of a similar or larger scale, and we expect to be able to announce further large deals in the Baltic market," Švolka said.

Sources

• Newsec: NEPI Rockcastle Sells SC Ozas - Baltics' Largest Deal in Years