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

Prosperus Retail Property Fund, managed by Prosperus Asset Management, has agreed to acquire the Ozas Shopping and Entertainment Centre in Vilnius from international real estate group NEPI Rockcastle. Newsec acted as NEPI Rockcastle’s real estate transaction adviser on the deal. Completion remains subject to customary closing conditions, including clearance from the Lithuanian Competition Council.

The deal marks one of the largest single-asset commercial real estate transactions completed in the Baltic states in recent years, and lands in a market that has clearly turned a corner. According to Newsec's capital markets research, Baltic commercial real estate investment volumes reached €616 million in 2025, up 24% year-on-year, with retail the standout performer: the segment attracted €361 million, or 59% of all capital deployed in the region – the largest share of any asset class.

The transaction also underscores a broader structural shift in who is doing the buying. Local investors accounted for effectively all closed transaction volume in the Baltics in 2025, per Newsec data – up from roughly a third as recently as 2019 – as regional capital has steadily displaced the Nordic and international buyers who 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. Demand for well-performing, income-producing retail assets remains strong, even as very few assets of this scale come to market. At the same time, we continue to see the investor base evolving – for several years now, local capital has driven most of the activity in the Baltic market.

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

About the property

Opened in 2009 and acquired by NEPI Rockcastle in 2018 – its first investment in Lithuania – Ozas is one of the largest shopping and entertainment destinations in Vilnius, strategically located along one of the busiest arteries connecting the city centre with its rapidly growing northern districts. The centre draws on a catchment of more than 432,000 residents within a 30-minute drive. Since acquiring the centre, NEPI Rockcastle invested in a comprehensive upgrade, expanding gross leasable area by close to 8,000 sq. m and adding a basement-level family entertainment and leisure cluster, alongside upgrades to entrances, parking, facades, common areas and building energy efficiency.

About NEPI Rockcastle

NEPI Rockcastle is 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 (CEE) and recently entered Spain. The company’s €8.4bn portfolio includes 60 properties in eight countries. It is a market leader in Romania and Poland (NEPI Rockcastle’s two largest markets) and has shopping centres in Bulgaria, Hungary, Slovakia, Croatia, The Czech Republic and Spain.

NEPI Rockcastle’s growth is enhanced by a substantial development programme (the current pipeline amounts to over €840 million in total investments). NEPI Rockcastle benefits from two key strategic advantages – its unique portfolio of retail space across the CEE, assembled over the past 19 years, and its team of over 680 employees, who bring unparalleled industry knowledge.

About the buyer

Prosperus Retail Property Fund, managed by Prosperus Asset Management, received Bank of Lithuania approval in May 2026. The fund targets €125 million of investor equity and, over the longer term, aims to build a retail real estate portfolio across the Baltic states worth up to €350 million. The acquisition of Ozas represents one of the fund's first, and by far its largest, moves in assembling that portfolio.

More to come

Ozas is the latest in a long line of landmark sizeable transactions Newsec 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 Alfa shopping centre in Riga. The Ozas deal, however, stands as the largest of them all.

The transaction also adds to a run of large-scale mandates Newsec has advised on in the region over the past year. In May 2026, Newsec advised the seller on the sale of a 19-property Kesko Senukai retail portfolio, comprising approximately 184,000 sq. m of leasable area, for €177.5 million – 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,” Andrius Švolka added.