Listed retail real estate firm NEPI Rockcastle is investing €254m to acquire the MegaPark Barakaldo shopping centre in Spain from Le Retail Hiper Ondara.
The deal, which marks NEPI Rockcastle’s entry into Spain and its first investment outside Central and Eastern Europe (CEE), will give it ownership of the 81,000sqm asset comprising three independently operated retail, outlet, and leisure and dining components.
NEPI Rockcastle has an €8.2bn portfolio of 61 properties across eight CEE countries. The company holds its largest market concentrations in Romania and Poland, alongside assets in Bulgaria, Hungary, Slovakia, Croatia, the Czech Republic and Lithuania.
Marek Noetzel, CEO of 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 CEE, 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.”
Anca Nacu, CIO of NEPI Rockcastle, said: “MegaPark Barakaldo combines the scale, retail mix and catchment quality to support long-term value creation, and this transaction gives us multiple avenues to grow it further.
“We look forward to applying our asset management and development expertise here, and are confident this is a disciplined first step that will deliver strong, sustainable returns for our shareholders.”
NEPI Rockcastle’s shares are listed on the Johannesburg Stock Exchange, Euronext Amsterdam and the A2X.
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