Europe’s third-largest listed retail real estate company by portfolio value has acquired MegaPark Barakaldo – one of northern Spain’s leading shopping and leisure destinations.
The property has been acquired from Le Retail Hiper Ondara S.L.U., part of HLRE Socimi, for a cash consideration of €252M net (brut purchase consideration of €254M), payable on completion.
The deal marks NEPI Rockcastle’s entry into Spain and its first investment outside Central and Eastern Europe (CEE), where it remains the region’s largest owner, operator and developer of shopping centres. It reflects the Group’s strategy of investing in leading retail destinations, alongside active development and green energy investment, to drive long-term growth, resilience and value creation.
Spanning c. 81,000sq m of GLA across three independently operated retail, outlet and leisure & dining components, MegaPark Barakaldo serves a catchment of approximately 1.1 million people in the Bilbao metropolitan area. Home to a strong mix of international and local brands, the centre has delivered high occupancy and consistent growth in footfall and tenant sales since opening in 2004-2006.
Marek Noetzel, Chief Executive Officer, 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.”
