NEPI Rockcastle, one of Europe's largest listed retail property companies by portfolio value, has acquired MegaPark Barakaldo in the greater Bilbao area. The acquired asset is one of the leading shopping and leisure destinations in Northern Spain. The property was sold by Le Retail Hiper Ondara S.L.U., a company belonging to HLRE Socimi. The net purchase price for the transaction amounted to 252 million euros, while the gross purchase price was 254 million euros. Payment became due upon completion of the transaction.
This acquisition marks NEPI Rockcastle's first entry into Spain and represents the company's first investment outside the Central and Eastern Europe (CEE) region. In this region, NEPI Rockcastle remains positioned as the largest owner, operator, and developer of shopping centres. The acquisition of MegaPark Barakaldo underscores the group's strategic focus on investing in leading retail locations, complemented by the development of projects and investments in green energy. This serves to promote long-term growth, resilience, and an increase in enterprise value.
MegaPark Barakaldo has a total gross leasable area (GLA) of approximately 81,000 square metres. This area is divided into three separately managed segments, comprising retail, outlet stores, and food & beverage and leisure offerings. The centre opened in phases between 2004 and 2006. Since then, the property has consistently recorded high occupancy rates as well as steady growth in visitor numbers and tenant sales.
The centre's catchment area includes approximately 1.1 million inhabitants in the greater Bilbao area. The attractive brand mix of international and local providers significantly contributes to MegaPark Barakaldo's positioning as a central attraction in the region.
The transaction reflects NEPI Rockcastle's efforts to geographically diversify its portfolio and establish a presence in developed Western European markets. By expanding its investment horizon beyond the core Central and Eastern European region, the company aims to further consolidate its market position and maximise growth potential.
