NEPI Rockcastle said it has agreed to buy MegaPark Barakaldo in the Bilbao area from HLRE Socimi, a Spanish real estate investment trust, for a gross €254 million (net €252 million), marking the company’s first investment outside Central and Eastern Europe. The company said the purchase adds a major Spanish retail destination to its portfolio.
The complex spans about 81,000 square metres, is 97.3% occupied, and drew 12.75 million visits in 2025, according to NEPI Rockcastle. The asset is billed as one of northern Spain’s largest shopping destinations, indicating a mature tenant mix and established customer traffic.
The move extends NEPI Rockcastle’s geographic reach into a large Western European economy, reducing its concentration in Central and Eastern Europe and adding exposure to Spain’s consumer cycle. High occupancy and heavy footfall suggest immediate scale and potential for steady rental income, while operating in a new market introduces integration and operational considerations, including local leasing dynamics and cost structures.
Investors will watch for the expected closing timeline, how the purchase is financed, any near-term capital expenditure or repositioning plans at MegaPark Barakaldo, and early performance indicators such as occupancy trends and tenant sales. Signals on whether NEPI Rockcastle intends further acquisitions in Spain or broader Western Europe will also be key to assessing its growth path and diversification strategy.
For more detail, read the full announcement.