Friday, 14 August 2026
NEPI Rockcastle is expanding beyond Central and Eastern Europe for the first time with the acquisition of MegaPark Barakaldo in the Bilbao metropolitan area, marking the retail property group’s entry into the Spanish market.
The company has agreed to acquire the shopping, outlet and leisure destination from Le Retail Hiper Ondara S.L.U., part of HLRE Socimi, for net cash consideration of €252 million. The gross purchase consideration is €254 million, payable on completion.
The transaction represents a significant geographic step for NEPI Rockcastle. Until now, the group’s portfolio has been concentrated in Central and Eastern Europe, where it has built its position through acquisitions, development, active management of shopping centres and investment in renewable energy.
MegaPark Barakaldo provides approximately 81,000 sqm of gross lettable area and comprises three separately operated elements covering conventional retail, outlet shopping, and leisure and food and beverage uses. The destination serves an estimated catchment of around 1.1 million people across the wider Bilbao metropolitan area.
Developed between 2004 and 2006, the property has established itself as one of the larger retail and leisure destinations in northern Spain. According to information accompanying the transaction, the asset has maintained high occupancy while recording growth in both visitor numbers and tenant sales.
Marek Noetzel, CEO of NEPI Rockcastle, said the acquisition gives the group an established position in one of Spain’s stronger regional economies rather than requiring it to build a presence from the ground up.
“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,” Noetzel said.
While Spain represents new territory for the company, NEPI Rockcastle already owns and manages retail properties across eight European countries. Noetzel said the group intends to apply the operating experience developed across those markets to the Bilbao asset.
The acquisition also provides scope for further investment in the property rather than functioning solely as a passive addition to the portfolio.
Anca Nacu, Chief Investment Officer at NEPI Rockcastle, said MegaPark’s scale, tenant structure and catchment provide several opportunities for further value creation. The company plans to use its asset-management and development capabilities to strengthen the destination following completion of the transaction.
The choice of Bilbao also gives NEPI Rockcastle exposure to the Basque Country, one of Spain’s more affluent regional economies. The Bilbao metropolitan area has close to one million inhabitants and benefits from a comparatively strong economic and industrial base.
Retail property conditions were another factor behind the investment. According to CBRE data cited by NEPI Rockcastle, occupier demand in the Spanish retail market stands at 94.3%, while the availability of competing new supply remains constrained. Northern Spain in particular has relatively significant planning barriers, which can strengthen the competitive position of established large-scale destinations.
The deal is therefore more than another shopping-centre acquisition for NEPI Rockcastle. It represents the first test of whether the investment and operating model the company has developed across CEE can be successfully transferred into Western European markets.
The move does not signal an abandonment of its existing regional strategy. NEPI Rockcastle continues to identify itself primarily as the largest shopping-centre owner, operator and developer in CEE, while combining acquisitions with development and investment in renewable-energy infrastructure.
However, the €252 million commitment to Bilbao establishes a precedent for geographic diversification. If the Spanish investment performs in line with expectations, it could provide the group with a platform for considering further opportunities outside its traditional Central and Eastern European footprint.
CBRE, Uría Menéndez, Almar Consulting and IDEA advised NEPI Rockcastle on the acquisition. Cushman & Wakefield advised the seller.
