Nhood accelerated the transformation of the 464 sites it manages in Europe into true mixed-use destinations by attracting major international brands and integrating new local services. This strategy has resulted in improved performance compared to 2024: more than 600 million visitors, 1,215 leases signed (+15% vs. 2024), and a 95% occupancy rate across Europe.

France and Luxembourg drive growth in Nhood’s property management and leasing activities in 2025

The France–Luxembourg scope recorded an outstanding year in 2025, surpassing 429 leases signed (+22% compared to 2024) and achieving a 95% occupancy rate. The rental reversion rate also increased by +7.9% over the period.

10 new group deals were signed, representing 94 leases, a total retail surface area of 17,781 sqm, and €11.7 million in rental income. These results highlight the ability of Nhood’s property management and leasing teams to attract both leading brands such as Zara, Celio, Jack & Jones, Undiz, and Normal, as well as new entrants like Legami and Lego, which have opened stores in the Aushopping center in Noyelles-Godault. In addition, brands such as Ladurée, Cabaia, Subdued, Mango, and Oakberry have joined La Cloche d’Or in Luxembourg.

“Our teams also led complex negotiations enabling the expansion of retail spaces for anchor brands such as Zara in Le Pontet, thereby strengthening the commercial appeal of our destinations,” said Mathieu Echererria, Head of Retail France Luxembourg.

Nhood, a key player in the transformation of European shopping centers

In 2025, Nhood’s teams led ambitious transformation projects across each of their European markets.

• In Portugal, premium brands such as Swarovski and Scalpers played a key role in the strategic repositioning of several sites, including the Alegro Alfragide and Forum Montijo centers. The shopping centers managed by Nhood in this market achieved an average occupancy rate of 99% in 2025, fully delivering on their mission as local community hubs.
• In Italy, in 2025, Nhood teams managed 1,097 specialty leasing operations, 10 new mandates, and 362 leasing transactions (renewals, relocations, etc.), resulting in a 20% decrease in vacancy compared to 2024. Highlights included the modernization of outdoor and dining areas at Etnapolis, the arrival of new brands (KiK Italia, Doppio Malto, Sinsay), and new store openings at Merlata Bloom Milano, reaching the center’s maximum occupancy rate (Thai Gourmet, Cotton & Silk, Tosca, Dream Creative). At Grande Sud, new tenants such as Flying Tiger Copenhagen, ZARA, SEPHORA, and Rossopomodoro joined, with Primark’s opening and a fully renovated customer journey expected in 2026.
• In Spain, Nhood continued to strengthen the attractiveness and stability of its retail assets through a consistent leasing strategy. In 2025, a total of 160 leasing transactions were completed, including 46 new leases and 114 renewals, reflecting strong commercial performance in line with the previous year. Key brands such as Maison du Monde, Nike, IKEA, MGI, Primor, and Vezzo helped enhance the retail mix, supporting both continuity and diversification of the offering. In addition, a major milestone was reached with the agreement signed with investor MCORE for the development of the new Colmenar Viejo Retail Park in Madrid. Nhood Spain is overseeing both the initial development and leasing of the project, which will host major retailers such as MediaMarkt, Decathlon, and Kiabi, among others. This project illustrates Nhood’s ability to deliver large-scale retail developments while creating value for investors and local communities, building on the success of the Vialia Estación de Vigo shopping center development.
• In Poland, Nhood teams have successfully led the transformation of former hypermarket spaces, securing leases totaling more than 11,000 m². A key milestone was the signing of a 3,300 m² agreement with Decathlon — the largest leasing transaction of the decade. The commercialization’s success is further underscored by the arrival of major international brands such as HalfPrice, IKEA, Pandora, and Mr.DIY. In parallel, as part of the sale process for eight assets, more than 200 lease contracts were successfully converted from PLN to EUR, representing a total value exceeding €6
• In Romania, Nhood-managed centers welcomed 13 new brands and 21 concept stores. As one of the country’s premier retail destinations, the Coresi Shopping Resort further enhanced its appeal with high-profile openings from Oysho, dm, Benvenutti, Lego, Pizza Hut, and KFC.

“Shopping centers are evolving into true multifunctional destinations where retail, services, healthcare, and experiences come together seamlessly. In 2025, we accelerated this transformation across Europe—with over 400 contracts signed in France, major extensions in Italy, and large-scale commercial redevelopments in Poland. In Portugal, partnerships with Primark and Clínica da Luz perfectly illustrate this vision. Our strength lies in our historic retail DNA, which gives us both the perspective of an owner and that of a retailer. By sharing expertise across markets, we can deploy scalable solutions that create long-term value for brands, landlords, and customers,” said Ganna Koryagina, International Leasing Director at Nhood.

For Nhood, value lies in use

Five years after its creation, Nhood’s Property Management teams oversee 464 assets across 11 countries, representing 27 million m² and drawing 608 million visitors annually. The acquisition of SCC France in 2025, a historic player in the sector, strengthened Nhood’s position in third-party property management and broadened its service offering at the European level.

At Nhood, the value of an asset is defined by its use. This philosophy has driven the expansion of its activities into new verticals such as offices, logistics, Food & Beverage through Tomorrow Food — a specialized F&B consulting, real estate, and hospitality expert — and digital twins through Stereograph.

“Our mission is no longer just to manage square meters, but to orchestrate a site’s overall performance. In five years, we have evolved property management from an asset-driven model to a use-driven one — a transformation that creates lasting value for our clients,” concluded Manuel Teba, Managing Director, Property Management.