NEPI Rockcastle has acquired MegaPark Barakaldo, one of northern Spain’s largest shopping destinations, in Bilbao, for €254 million from Le Retail Hiper Ondara S.L.U., part of HLRE Socimi. The acquisition was carried out through its wholly owned subsidiaries Global Alcanena S.L.U. and Global Dasali S.L.U..
The transaction, agreed on 12 August, marks the property group’s entry into the Spanish retail real estate market and its first investment outside Central and Eastern Europe. The acquisition is expected to complete in September, subject to customary conditions, including merger control clearance from Spain’s Comisión Nacional de los Mercados y la Competencia.
MegaPark Barakaldo comprises approximately 81,000 sqm of gross lettable area across three independently operated components: a 44,500 sqm retail park, a 19,200 sqm fashion outlet and a 17,300 sqm leisure and food & beverage centre.
The asset is anchored by retailers including Conforama, MediaMarkt and Decathlon, as well as Mercadona, Adidas, Yelmo Cines and Burger King. It has more than 6,700 parking spaces and was 97.3% occupied at the time of the transaction.
The scheme attracted 12.75 million visits in 2025 and generated tenant sales of more than €183 million, representing a sales density of close to €2,936 per sqm. It serves a catchment of approximately 1.1 million people within a 30-minute drive, covering the Bilbao metropolitan area and Bizkaia.
The gross purchase consideration is €254 million, or €252 million on a net basis, reflecting a net initial yield of 6.8%. The acquisition will be funded through available cash resources and existing undrawn credit facilities.
NEPI Rockcastle said the investment is aligned with its strategy of acquiring dominant retail assets in well-located markets serving large and affluent catchments. It also provides geographical diversification into a large, euro-denominated Western European market and a potential platform for further expansion in Spain.
The company highlighted the strength of the Spanish retail market, citing CBRE data showing that shopping centre sales increased by 6% year-on-year in the first half of 2026, while footfall rose by 3.9%. Occupancy reached 94.3%, prime rents increased by 5% and prime yields compressed to around 6.25%.
The Basque Country was also identified as a particularly attractive market, with GDP per capita of €41,010, around 126% of the Spanish average, and unemployment of 7%, below the national rate of 10.5%.
NEPI Rockcastle expects to unlock further value from MegaPark Barakaldo, with the group identifying potential to increase the asset’s sustainable yield from its 6.8% net initial acquisition yield over the medium term.
“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”, said Marek Noetzel, CEO of NEPI Rockcastle.
The retail park and fashion outlet are held freehold, while the leisure and food & beverage centre is held under a surface right concession on land owned by local authorities, expiring in 2056.
NEPI Rockcastle was advised by CBRE, Uría Menéndez, Almar Consulting and IDEA. Cushman & Wakefield acted as sale-side adviser.
