NEPI Rockcastle enters Spain with €252m acquisition

NEPI Rockcastle has made its first investment outside Central and Eastern Europe with the acquisition of MegaPark Barakaldo, one of northern Spain’s leading shopping and leisure destinations. 

MegaPark Barakaldo

The asset was purchased from Le Retail Hiper Ondara S.L.U., part of HLRE Socimi, for a cash consideration of €252 million net (€254 million gross), payable on completion.

The transaction marks NEPI Rockcastle’s entry into Spain and reflects the Group’s strategy of investing in dominant retail destinations alongside active development and green energy initiatives to drive long‑term growth and resilience. The company remains Europe’s third‑largest listed retail real estate owner by portfolio value and the largest in CEE.

MegaPark Barakaldo spans approximately 81,000 sq m of GLA across three independently operated components, retail, outlet, and leisure & dining, serving a catchment of around 1.1 million people in the Bilbao metropolitan area. The centre hosts a strong mix of international and local brands and has delivered high occupancy and consistent growth in footfall and tenant sales since opening between 2004 and 2006.

Marek Noetzel, Chief Executive Officer of NEPI Rockcastle, said the acquisition provides a strong foothold in one of Spain’s most dynamic regions. He noted that MegaPark Barakaldo is already a dominant destination for its catchment, with visitor numbers and sales gaining momentum. He added that NEPI Rockcastle’s experience operating retail assets across eight European countries positions the company well to apply its asset management discipline in Bilbao.

Anca Nacu, Chief Investment Officer, said the asset combines scale, retail mix and catchment quality to support long‑term value creation. She highlighted multiple avenues for growth through active management and development, describing the acquisition as a disciplined first step expected to deliver strong, sustainable returns for shareholders.

The Basque Country is one of Spain’s most prosperous regions, with nearly one million residents in the Bilbao metropolitan area. Supported by Spain’s strong economic performance, the region offers an attractive environment for retail investment. According to CBRE, Spain’s retail sector continues to benefit from high occupier demand (94.3%) and limited competing supply, particularly in northern Spain where planning constraints reinforce the position of leading assets such as MegaPark Barakaldo.

NEPI Rockcastle was advised by CBRE, Uría Menéndez, Almar Consulting and IDEA. Cushman & Wakefield acted as sale‑side adviser.