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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 €252 million.
The deal marks the group's entry into Spain and its first investment outside Central and Eastern Europe, the region where it has spent 19 years building market leadership. The seller was Le Retail Hiper Ondara S.L.U., part of HLRE Socimi.
What NEPI Rockcastle Is Buying
MegaPark Barakaldo is not a turnaround bet. It is a dominant, income-generating asset with two decades of proven performance:
- Gross leasable area: approximately 81,000 sqm
- Three independently operated components: retail, outlet, and leisure and dining
- Catchment: around 1.1 million people across the Bilbao metropolitan area
- Opened between 2004 and 2006 with high occupancy and steadily rising footfall and tenant sales since
The Basque Country is one of Spain's most prosperous regions.
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 protect the position of dominant assets like MegaPark Barakaldo.
A Disciplined First Step West
Marek Noetzel, CEO of NEPI Rockcastle, described the asset as already a dominant destination for its catchment, with visitor numbers and sales gaining momentum.
He added that the fundamentals behind the group's CEE success understanding tenants, understanding shoppers and applying that discipline consistently travel with it into new markets.
Anca Nacu, Chief Investment Officer, said the transaction offers multiple avenues to grow the asset further, with the group's asset management and development expertise expected to drive long-term value creation in Bilbao.
Also Read: Redevco Acquires Two IOS Assets in Madrid, Barcelona
Spain's Market Timing Is Part of the Story
The acquisition lands at a moment when Spain is drawing international capital at pace. According to Colliers, total real estate investment in Spain reached €6.394 billion in Q1 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 drew more than €1.6 billion in the first half of the year, ranking as the country's third-largest investment segment.
For a CEE specialist entering Western Europe for the first time, the timing places NEPI Rockcastle ahead of a broader wave of international capital returning to Spain.
Also Read: Newmark Buys Valuation Firm to Expand Across Europe
Where the Portfolio Stands Now
The €8.2 billion portfolio now spans 61 properties across eight CEE countries plus Spain.
NEPI Rockcastle remains market leader in Romania and Poland, its two largest markets, with further assets in Bulgaria, Hungary, Slovakia, Croatia, the Czech Republic and Lithuania.
A development pipeline of more than €840 million, a team of over 680 employees and nearly two decades of operating experience back the group's stated intent to keep growing both in CEE and, it now seems, beyond it.
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