The path of sound credence is through the thick forest of scepticism

George Jean Nathan

Credence Capital is a boutique real estate investment business established by the former CEO and CFO of Rockcastle Global Real Estate Company.

Currently, grocer anchored convenience centres weighted towards tenants drawing non-discretionary consumer spend offer superior risk adjusted returns compared to other property asset classes in both the UK and Poland.

The principals of Credence Capital have a track record of creating substantial shareholder value in the most competitive investment markets in Central and Eastern Europe. In excess of EUR2 billion of acquisitions, EUR500 million of refinancing and EUR130 million of annual net operating income was achieved in their former property business. In 2017, the team executed a merger with New Europe Property Investments to form Nepi Rockcastle plc, now the largest retail landlord in CEE across 10 countries and with over EUR6bn in assets.


Credence Capital targets real estate themes based on a rigorous assessment of value creation opportunities that can be executed within the framework of our expertise and market access.

The Company's Creed:


Aggregating a portfolio of individually targeted assets;


Creating a market leading operational platform;


Relentless pursuit of value creation.

The Company is actively involved in thought leadership with respect to our investment themes.

We assess and pursue interesting opportunities with crossover synergies across the value chain of this asset sub-class. These not only provide stand-alone investment opportunities, but are IP generative and further enhance our core value creation methodology.

The Company is an early investor in a US software based deep learning platform that utilizes a customer’s existing CCTV camera infrastructure to turn simple video feeds into actionable insights across industries including retail, shopping malls, commercial properties, warehouses and transportation hubs.

The IP access in this and similar investments, helps constantly refine and improve our investment thesis and understanding of real estate trends and contributes to value creation opportunities.

How We Create Value

Discerning approach to asset selection

Acquiring a sustainable income base at an appropriate price in a location with positive population metrics.

Latent value identification

Acquiring ‘blue sky return’ optionality at low premiums.

Active asset management

Developing and implementing asset specific strategies that are modelled on ensuring the long-term sustainability of the asset and the relentless pursuit of efficiencies and income growth.

Risk mitigation downside protection strategy

Detailed understanding of the asset class, market situation, technological developments, and location specifics to devise downside mitigation strategies for each asset.

Who We Partner With

We are currently assessing a number of opportunities in both the UK and Poland that meet our investment criteria and typically partner with the following profile of investor:


Institutional or similar investors looking to be involved as a cornerstone investor in one or more of the identified investment themes and to be a pivotal partner in accelerating the strategy to a platform offering.


High net worth individuals and/or family offices that support the theme and back the team to identify opportunities and look to invest on an asset by asset basis.


Kingsthorpe Convenience Centre

  • 220 000 city inhabitants
  • 3 ACRES land size
  • GLA 62,670 SQ FT (5,800M2)
  • £10.55M acquisition price
  • 220 parking spaces
  • >60% income underpinned by grocer anchor
  • 10 retail units
  • 7.2 YEARS Wault
  • MAIN TENANTS Waitrose, Costa, Pet Superstore

The Team

Spiro Noussis and Nick Matulovich, the former Chief Executive Officer and Chief Financial Officer of Rockcastle Global Real Estate Company Limited, executed the merger with New Europe Property Investments PLC, to form the largest retail focused REIT in Central and Eastern Europe with a portfolio of dominant retail assets with a Gross Asset Value of over €6bn. They are London based with extensive experience in the UK, Central and Eastern European and South African markets. Spiro and Nick are supported by local teams in the UK and Poland working across leasing, asset management and finance.

Spiro Noussis

Nick Matulovich

  • Founding Partner – Credence Capital
  • Executive Director – NEPI Rockcastle plc.
  • CFO – Rockcastle Global Real Estate Company Ltd
  • Resilient REIT – Finance
  • Ernst & Young – M&A Advisory, Assurance
  • Chartered Accountant (SA), MCom (Taxation)

Contact Us



Credence Capital UK Ltd,483 Green Lanes, London, N13 4BS, UK

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