NEPI Rockcastle expands with Bilbao shopping centre deal
NEPI Rockcastle, Europe’s third-largest listed retail real estate company by portfolio value, has acquired MegaPark Barakaldo in Bilbao for €252 million in net cash. The purchase marks the group’s first investment outside Central and Eastern Europe, where it remains the leading owner and operator of shopping centers.
The seller was Le Retail Hiper Ondara S.L.U., part of HLRE Socimi. The gross purchase price reached €254 million, paid upon completion.
Spain’s retail market draws international capital
The 81,000-square-meter complex consists of three independently operated zones: retail, outlet, and leisure and dining. It serves a catchment area of 1.1 million people in the Bilbao metropolitan region, home to nearly one million residents. The center has maintained high occupancy and increasing footfall since opening between 2004 and 2006.
Spain’s retail sector has experienced strong demand from tenants and limited new supply, particularly in the north. Planning restrictions in the region have strengthened the position of key assets like MegaPark Barakaldo, according to CBRE. The Basque Country, where Bilbao is located, ranks among Spain’s wealthiest regions, and the country’s economic performance has made it an attractive environment for retail investment.
Marek Noetzel, NEPI Rockcastle’s CEO, described the acquisition as establishing a “strong foothold in one of Spain’s most active regions.” He highlighted the center’s existing dominance, noting rising visitor numbers and sales. “This is our first step beyond Central and Eastern Europe, though we’ve gained experience entering new markets before,” Noetzel said. “The principles behind our success—knowing tenants, understanding shoppers, and applying that knowledge consistently—work anywhere.”
Related: Odyssey Hotel Group Expands in Germany
Anca Nacu, the company’s chief investment officer, stated that MegaPark Barakaldo’s size, tenant mix, and catchment quality create opportunities for long-term growth. “This deal provides several ways to expand its potential,” she said. “We’re eager to bring our asset management and development skills here.”
The move into Western Europe comes as international investors return to Spain. Total real estate investment in the country reached €6.394 billion in the first quarter of 2026, a 45.4% increase over the 2025 average, even as the broader eurozone saw a 26% decline. Retail accounted for over €1.6 billion of that total, making it the third-largest investment segment after living and hotels.
The timing has given NEPI Rockcastle an early advantage in a market others are only now re-entering. The company’s portfolio now includes 61 properties across nine countries, with a development pipeline exceeding €840 million. It leads the market in Romania and Poland, its two largest regions, and employs more than 680 people.
NEPI Rockcastle was advised by CBRE and Uria Menéndez.
While the company has focused on Central and Eastern Europe for years, its expansion into Spain reflects broader changes in European retail investment.
A disciplined entry into Western Europe
The acquisition boosts NEPI Rockcastle’s €8.2 billion portfolio, which includes shopping centers in Bulgaria, Hungary, Slovakia, Croatia, the Czech Republic, and Lithuania. The company’s growth stems from a clear strategy: targeting leading retail destinations with proven performance and then using its asset management expertise to enhance value.
Related: Warburg joins Compass group
Noetzel indicated the company views Spain as a logical next step. “We’re bringing our experience in building premier retail destinations to Bilbao,” he said. “Our goal is to improve access to quality retail for the Basque community.”
The deal closed as Spain’s retail market outperforms much of Europe. Data from Colliers shows that while the eurozone saw a 26% drop in real estate investment in early 2026, Spain’s figures rose sharply. Shopping centers have attracted most retail capital, with Bilbao’s MegaPark Barakaldo standing out in the north.
For NEPI Rockcastle, the move follows a proven model rather than chasing trends. The company’s experience in Central and Eastern Europe—where it has adapted to different economic and regulatory conditions—may help in Spain, where local knowledge and tenant relationships matter.
The Basque Country’s economic strength and Bilbao’s role as a regional hub make it a practical starting point. Success here could open doors to further expansion in Western Europe, where retail real estate remains competitive but rewarding.
The group’s new managing director will oversee integration as the company applies its strategy to the Spanish market.
