NEPI Rockcastle has acquired MegaPark Barakaldo, a shopping and leisure complex in Bilbao, Spain, from Le Retail Hiper Ondara S.L.U., part of HLRE Socimi, for a cash consideration of €252 million net (gross purchase consideration of €254 million). The deal marks the company's first investment outside Central and Eastern Europe (CEE), where it operates shopping centres across eight countries.
MegaPark Barakaldo spans approximately 81,000 sqm of gross leasable area across three independently operated components covering retail, outlet, and leisure and dining. The centre serves a catchment of approximately 1.1 million people in the Bilbao metropolitan area and has recorded high occupancy and consistent growth in footfall and tenant sales since opening between 2004 and 2006.
"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," said Marek Noetzel, Chief Executive Officer of NEPI Rockcastle. "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 travel with us."
Anca Nacu, Chief Investment Officer at 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 are confident this is a disciplined first step that will deliver strong, sustainable returns for our shareholders."
According to CBRE, Spain's retail sector benefits from strong occupier demand at 94.3% and limited competing supply, particularly in northern Spain, where planning constraints reinforce the market position of established assets. NEPI Rockcastle was advised by CBRE, Uría Menéndez, Almar Consulting and IDEA, while Cushman and Wakefield acted as sell-side adviser. The group's overall portfolio stands at €8.2 billion across 61 properties in CEE and Spain.
