NEPI Rockcastle has acquired MegaPark Barakaldo — one of northern Spain’s leading shopping and leisure destinations — from Le Retail Hiper Ondara S.L.U., part of HLRE Socimi, for a cash consideration of around €252 million.
The deal marks NEPI Rockcastle’s entry into Spain and its first investment outside Central and Eastern Europe (CEE), where it remains the region’s largest owner, operator and developer of shopping centres. It reflects the Group’s strategy of investing in leading retail destinations, alongside active development and green energy investment, to drive long-term growth, resilience and value creation.
Spanning c. 81,000 sqm of GLA across three independently operated retail, outlet, and leisure & dining components, MegaPark Barakaldo serves a catchment of approximately 1.1 million people in the Bilbao metropolitan area. Home to a strong mix of international and local brands, the centre has delivered high occupancy and consistent growth in footfall and tenant sales since opening in 2004–2006.
Marek Noetzel, Chief Executive Officer, NEPI Rockcastle, said: “MegaPark Barakaldo gives us a strong foothold in one of Spain’s most dynamic regions — already a dominant destination for its catchment, with visitor numbers and sales both gaining momentum. It’s our first step beyond Central and Eastern Europe, though we’ve built real experience entering new markets: our team owns and manages retail assets across eight European countries, and the fundamentals behind that success — understanding tenants, understanding shoppers, and applying that discipline consistently — travel with us. We’re proud to bring our track record of building and growing premier retail destinations to Bilbao, and to keep improving access to excellent retail for the Basque community”.
Anca Nacu, Chief Investment Officer, NEPI Rockcastle, added: “MegaPark Barakaldo combines the scale, retail mix and catchment quality to support long-term value creation, and this transaction gives us multiple avenues to grow it further. We look forward to applying our asset management and development expertise here, and are confident this is a disciplined first step that will deliver strong, sustainable returns for our shareholders.”
The Basque Country is one of Spain’s most prosperous regions and home to the Bilbao metropolitan area’s nearly one million residents. Combined with Spain’s strong economic growth, it offers an attractive environment for retail investment. According to CBRE, Spain’s retail sector continues to benefit from strong occupier demand (94.3%) and limited competing supply — particularly in Northern Spain, where planning constraints reinforce the market 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.
