Castellana Properties, specialist in the acquisition, management and rehabilitation of real estate assets in the retail sector and listed in the Alternative Equity Market (MAB), has acquired Puerta Europa shopping center located in Algeciras, Spain, for €56.8 M without transaction costs. The British firm Ashurst L.L.P. has been the legal advisor for the operation. This space located on the side of the A-7, with a strategic location just 15 minutes drive from the port of the city and within walking distance from the center of Algeciras, has a gross lettable area of 29,757 sq m.
The shopping center, which dominates its catchment with more than 250,000 inhabitants, offers a wide range of fashion, leisure and restaurants with 100 tenants spread over two floors. In this way, spaces destined for fashion account for 59% of the gross lettable area, with leading brands such as Primark, Zara, H&M, Lefties or Sprinter among others, followed by Yelmo cinemas and a Mercadona with more than 3,000 sq m of gross lettable area each. In addition, the center has 1,958 parking spaces.
Over the last 12 months Castellana Properties has carried out 6 strategic acquisitions of shopping centers that have reinforced the company’s position in its commitment to retail: El Faro (Badajoz); Bahía Sur (Cádiz); Los Arcos (Sevilla); Vallsur (Valladolid); Habaneras (Torrevieja) and Puerta Europa (Cádiz), in addition to the recent acquisitions of the El Corte Inglés and Hipercor units of Bahía Sur and Los Arcos shopping centers.
With this purchase, the number assets in Castellana Properties’ portfolio will increase to 18, including shopping centers, retail parks and offices, occupying a total gross lettable area of 372,892 sq m. The number of assets owned in Andalusia grows to 7, followed by Extremadura with 4, the Valencian Community and the Community of Madrid with 2 respectively and Asturias, Castilla y León and Murcia with 1 in each of the regions.
Alfonso Brunet, CEO of Castellana Properties, stated that “We are very pleased to be able to announce this acquisition, which further demonstrates Castellana Properties’ commitment to the retail sector in Spain and continues to embed us as one of the main players in the market. Castellana will continue working to increase the fundamentals of each asset and thus continue to increase income and dividends for our shareholders. In addition, we will continue to carry out upgrades of our properties in order to continue offering a wide and better range of leisure, fashion and restaurants, which is what our clients demand now”.