NEPI Rockcastle has acquired Kiwoko, a leading pet retailer in Spain and Portugal, for an undisclosed amount. The transaction brings the Madrid-based company, which operates 130 stores and 70 veterinary clinics and grooming salons, under the ownership of the European retail property group. Kiwoko’s core business is devoted to helping pet lovers care for their animals, offering a wide range of products and services across the Iberian Peninsula.
NEPI Rockcastle, a real estate investor focused on retail properties, is expanding its portfolio beyond traditional shopping centre operations. The acquisition of Kiwoko adds a high-growth, service-oriented retail chain to its holdings. Kiwoko’s mix of physical stores and in-house veterinary services provides a resilient revenue stream, as pet care spending has shown consistent demand across economic cycles. For NEPI Rockcastle, this move diversifies its income base and strengthens its presence in the Spanish and Portuguese markets.
The strategic rationale centres on the complementary nature of the two businesses. Kiwoko operates primarily in retail parks and shopping centres, which aligns with NEPI Rockcastle’s existing property assets. By owning the operator, NEPI Rockcastle can better manage tenant performance and capture a larger share of consumer spending within its locations. Kiwoko, in turn, gains access to a broader network of prime retail sites, potentially accelerating its expansion plans without the burden of property acquisition costs.
The deal is expected to close following customary regulatory approvals. Post-transaction, Kiwoko will continue to operate under its existing brand and management team, preserving its local expertise and customer relationships. NEPI Rockcastle will integrate Kiwoko’s financial results into its broader retail portfolio, with a focus on operational efficiency and cross-selling opportunities between the pet care chain and its property tenants. The combined entity is positioned to leverage Kiwoko’s established footprint while exploring new store openings in under-served regions of Spain and Portugal.