NEPI Rockcastle, Europe’s third-largest listed retail real estate company, has acquired MegaPark Barakaldo in Bilbao for a net cash consideration of €252m. The seller was Le Retail Hiper Ondara S.L.U., part of HLRE Socimi. This deal marks the Group’s entry into Spain and its first investment outside Central and Eastern Europe.
The MegaPark Barakaldo serves a catchment of around 1.1 million people across the Bilbao metropolitan area, with 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.
Spain’s retail sector continues to benefit from strong occupier demand and limited competing supply, particularly in the north. The Basque Country ranks among Spain’s most prosperous regions, and the Bilbao metropolitan area is home to nearly one million residents, making it an attractive environment for retail investment.
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.”
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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.”
The deal was advised by CBRE, Uria Menendez, while Cushman & Wakefield acted for the seller. NEPI Rockcastle’s €8.2bn portfolio now comprises 61 properties across eight CEE countries and Spain.
International capital is rediscovering Spain, with total real estate investment reaching €6.394bn in the first quarter of 2026 alone, a 45.4% increase on the 2025 average.
Retail alone drew more than €1.6bn in the first half of the year, ranking as the country’s third-largest investment segment.
NEPI Rockcastle’s entry into the Spanish market comes at a time when the country’s retail sector is experiencing strong growth. They remain the largest owner, operator, and developer of shopping centres in Central and Eastern Europe.
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The company’s experience will likely contribute to its success in Spain. NEPI Rockcastle has a development pipeline of more than €840m and a team of over 680 employees to support its continued growth.
With 19 years of experience built across CEE, the company is well-positioned to expand its presence in Western Europe.
As the company looks to the future, its focus on building and growing premier retail destinations will remain a key part of its strategy.
With the acquisition of MegaPark Barakaldo, NEPI Rockcastle has taken a significant step towards establishing itself as a major player in the Spanish retail market.