One of the largest retail portfolio disposals ever contemplated in Spain is gathering momentum, as the Balkany family advances the sale of its Spanish shopping centre platform in a transaction that could reach up to €1.6 billion. The process, advised by BNP Paribas and Morgan Stanley, has drawn strong interest from leading listed operators, global institutional investors and opportunistic capital, underlining the continued appeal of dominant retail assets despite a more selective investment environment.
The portfolio comprises nine prime shopping centres held through Sociedad General Inmobiliaria de España (Lsgie), including some of the country’s most established schemes such as La Vaguada in Madrid, Gran Vía 2 in Barcelona, Plaza Norte 2 and Plaza Río 2. These assets are widely regarded as market leaders within their respective catchment areas, with scale, tenant mix and footfall profiles that position them at the top end of the Spanish retail spectrum. Market sources indicate that the size and quality of the portfolio have prompted interest from groups such as Klépierre, Orion Capital and Sixth Street, alongside long-term institutional investors including Norges Bank Investment Management.
Several bidders are understood to be assessing consortium structures in order to address the scale of the transaction. Nepi Rockcastle has reportedly explored the creation of a dedicated investment vehicle alongside other South African-backed players active in Spain, such as Vukile, Castellana Properties or Lighthouse, while Portuguese group Sonae is also analysing a potential joint bid with a financial partner. The elevated ticket size inevitably narrows the field of potential buyers, reinforcing the likelihood of joint ventures or club deals as the preferred route to execution.
The sale is driven by a broader patrimonial reorganisation within the Balkany family, now led by the second and third generations following the death of founder Robert Balkany in 2015. The process is overseen by Robert Strom and reflects a strategic decision to monetise a long-held retail legacy. According to market expectations, binding offers are likely to be submitted between February and March 2026, once bidders complete their due diligence across assets located in Madrid, Barcelona, Alicante and Tenerife. If completed at the envisaged levels, the transaction would rank among the most significant retail deals in Spain in recent years and reaffirm the country’s position on the radar of global capital targeting prime shopping centres.
