NEPI Rockcastle, Europe's third-largest listed retail real estate company by portfolio value, has acquired MegaPark Barakaldo in Bilbao for a net cash consideration of €252m, with a gross purchase consideration of €254m, payable on completion. The seller was Le Retail Hiper Ondara S.L.U., part of HLRE Socimi. The deal marks the Group's entry into Spain and its first investment outside Central and Eastern Europe (CEE), the region where it remains the largest owner, operator and developer of shopping centres.
Spanning approximately 81,000 m² of gross leasable area across three independently operated retail, outlet, and leisure and dining components, MegaPark Barakaldo serves a catchment of around 1.1 million people across the Bilbao metropolitan area. Home to a strong mix of international and local brands, the centre has built high occupancy and steadily rising footfall and tenant sales since it first opened its doors between 2004 and 2006, two decades of proven staying power that made it a natural fit for a buyer known for backing dominant destinations.
The Basque Country ranks among Spain's most prosperous regions, and the Bilbao metropolitan area is home to nearly one million residents, a combination that, alongside Spain's strong economic growth, makes it an attractive environment for retail investment. According to CBRE, Spain's retail sector continues to benefit from strong occupier demand and limited competing supply, particularly in the north, where planning constraints reinforce the position of leading assets such as MegaPark Barakaldo.
Marek Noetzel, Chief Executive Officer of 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 of 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 acquisition lands at a moment when international capital is rediscovering Spain. According to Colliers, total real estate investment in Spain reached €6.394bn in the first quarter of 2026 alone, a 45.4% increase on the 2025 average, even as the wider eurozone recorded an average decline of 26% over the same period. Retail alone drew more than €1.6bn in the first half of the year, ranking as the country's third-largest investment segment behind living and hotels, with shopping centres capturing the bulk of that capital. For a CEE specialist making its first move into Western Europe, the timing places NEPI Rockcastle ahead of a market that many international investors are only now returning to.
NEPI Rockcastle's €8.2bn portfolio now comprises 61 properties across eight CEE countries and, with this deal, Spain, with the Group remaining market leader in Romania and Poland, its two largest markets, alongside further shopping centres in Bulgaria, Hungary, Slovakia, Croatia, the Czech Republic and Lithuania. Growth continues to be underpinned by a development pipeline of more than €840m, a team of over 680 employees and 19 years of experience built across CEE. NEPI Rockcastle was advised by CBRE, Uria Menendez, Almar Consulting and IDEA, while Cushman & Wakefield acted for the seller.
People mentioned
- Marek Noetzel – Chief Executive Officer, NEPI Rockcastle
- Anca Nacu – Chief Investment Officer, NEPI Rockcastle (Image)
Companies mentioned
- NEPI Rockcastle – acquirer, Europe's third-largest listed retail real estate company
- Le Retail Hiper Ondara S.L.U. – seller, part of HLRE Socimi
- HLRE Socimi – parent of the seller
- CBRE – adviser to NEPI Rockcastle
- Uria Menendez – legal adviser to NEPI Rockcastle
- Almar Consulting – adviser to NEPI Rockcastle
- IDEA – adviser to NEPI Rockcastle
- Cushman & Wakefield – sale-side adviser
