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NEPI Rockcastle enters Spain, acquiring MegaPark Barakaldo, one of Northern Spain’s largest shopping destinations
NEPI ROCKCASTLE N.V.
Incorporated and registered in the Netherlands
Registration number: 87488329
Share code: NRP
ISIN: NL0015000RT3
("NEPI Rockcastle", "the Company" or "the Group")
NEPI ROCKCASTLE ENTERS SPAIN, ACQUIRING MEGAPARK BARAKALDO, ONE OF NORTHERN SPAIN'S LARGEST SHOPPING DESTINATIONS
INTRODUCTION
NEPI Rockcastle announces that, on 12 August 2026, the Company, through its wholly-owned subsidiaries Global
Alcanena S.L.U. and Global Dasali S.L.U., entered into a binding asset purchase agreement (the "Agreement") to
acquire the property known as MegaPark Barakaldo (the "Property"), an approximately 81,000 m2 shopping destination
located in Bilbao, Spain, from Le Retail Hiper Ondara S.L.U. part of HLRE Socimi (the "Acquisition").
The Acquisition marks a landmark step for NEPI Rockcastle: entry into the Spanish retail real estate market and the
Group's first investment outside Central and Eastern Europe ("CEE").
MegaPark Barakaldo opened in 2004-2006 and comprises c. 81,000 m2 of gross lettable area ("GLA") across three
independently operated components including a 44,500 m2 Retail Park (part of a wider 91,300 m2 retail park area that
also includes owner-occupied Ikea, Leroy Merlin and Repsol), a 19,200 m2 Fashion Outlet and a 17,300 m2 Leisure and
Food and Beverage ("F&B") Centre. Anchor tenants include Conforama, Media Markt and Decathlon in the Retail
Park, Mercadona and Adidas in the Fashion Outlet, and Yelmo Cines and Burger King in Leisure and F&B. Together
the Property has over 6,700 parking spaces, is 97.3% occupied, and attracted 12.75 million visits in 2025, generating
tenant sales of over EUR183 million (a sales density of close to EUR2,936 per m2). The Property serves a catchment of
approximately 1.1 million inhabitants within a 30-minute drive, covering the Bilbao metropolitan area and the province
of Bizkaia.
RATIONALE FOR THE TRANSACTION
The Acquisition is consistent with the Group's strategy of owning dominant and well-located retail assets that serve
large and affluent catchments. This strategy rests on four pillars of growth: enhancing the Net Operating Income of
NEPI Rockcastle's high-quality existing portfolio, delivering on the Company's development and extension pipeline,
growing new income streams such as green energy, and pursuing value-enhancing acquisitions such as this one.
MegaPark Barakaldo is the largest shopping destination by GLA of Basque Country and the leading retail attraction in
Bilbao and the province of Bizkaia. The Property has shown robust growth, with both footfall and tenant sales increasing
every year since 2021, and the Board believes it offers reversionary potential from a net initial acquisition yield of 6.8%
to a higher sustainable yield in the medium-term. The Acquisition also diversifies the Group's income base into a large,
euro-denominated, investment-grade Western European market, and lays the foundation for a broader platform for
growth beyond CEE.
Spain offers a supportive macroeconomic backdrop and has been among the fastest-growing large economies in the euro
area, with GDP up 2.8% in 2025 and the European Commission forecasting 2.4% growth in 2026, alongside record
tourism and unemployment falling below 10% for the first time since 2008. The Basque Country is one of Spain's
wealthiest regions, with GDP per capita of EUR41,010 (approximately 126% of the national average) and unemployment
of 7.0%, well below the 10.5% national rate. Its population of 2.2 million includes close to one million in the Bilbao
metropolitan area.
Retail real estate fundamentals in Spain have strengthened alongside this growth. According to CBRE, shopping centre
sales rose 6% and footfall 3.9% year-on-year in the first half of 2026; occupancy reached 94.3%, prime rents increased
5% over the half-year and prime yields compressed to around 6.25%, while online penetration remains low by Western
European standards at approximately 13%. The stricter planning regimes in Northern Spain limit competing
development and support the position of dominant centres such as MegaPark Barakaldo.
Marek Noetzel, Chief Executive Officer of NEPI Rockcastle, commented: "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 is our first step beyond Central and Eastern Europe, though we've built real
experience entering new markets as 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. We're proud to bring our track record of building and growing premier retail destinations
to Bilbao, and to keep improving access to excellent retail for the Basque community."
SALIENT TERMS OF THE TRANSACTION
The gross purchase consideration for the Acquisition amounts to EUR254 million (net purchase consideration of EUR252
million) for a net initial yield of 6.8% and is payable in cash on completion. The Acquisition will be funded from
available cash resources and existing undrawn credit facilities. The Retail Park and Fashion Outlet are held freehold,
while the Leisure and F&B Centre is held under a surface right concession on land owned by local authorities, expiring
in 2056.
Completion of the Acquisition is subject to the fulfilment of conditions precedent that are customary for a transaction
of this nature, including merger control clearance from the Comisión Nacional de los Mercados y la Competencia
(CNMC). Completion is expected to occur in September 2026. The Agreement contains warranties and indemnities that
are normal for a transaction of this nature, supported by warranty and indemnity insurance.
CATEGORISATION OF THE TRANSACTION
The transaction is not categorisable in terms of the JSE Listings Requirements and the information in this announcement
is presented for information purposes only.
For further information please contact:
NEPI ROCKCASTLE N.V.
Marek Noetzel/Eliza Predoiu +31 20 237 4770
JSE sponsor
Java Capital +27(0)60 572 2299
Euronext Listing Agent
ING Bank +31 20 563 6685
Media Relations mediarelations@nepirockcastle.com
13 August 2026
Date: 13-08-2026 08:30:00
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