Castellana Properties achieves a net profit of €18.5 million in the first half of the year
- The Portfolio Gross Asset Value is €406.3 million, an increase of 11.7% over the acquisition prices of the assets net of transaction costs
- The company will distribute €7.7 million (€0.23 per-share) to its shareholders
- The company acquired a new asset, Habaneras Shopping Centre for a price of €80.6 million
- Gross debt in the first six months of the year is €188.3 million, with a Loan To Value of 46.4%, 1% lower than the prior reporting period
Madrid, 15th November 2018 – Castellana Properties (YCPS.MC), a Spanish REIT (Socimi) focused on the acquisition, management and refurbishment of retail real estate assets, has today published its interim results, as at 30th September 2018 (financial year from April 2018 to March 2019) with a net profit of €18.5 million. In the previous interim reporting period the net profit achieved was €5.42 million.
Since 30th September 2017, Castellana Properties has acquired three new shopping centres for a total price of €146 million: Pinatar Park (Murcia) and Alameda Shopping Centre (Granada) were both acquired in December 2017. Habaneras Shopping Centre (Alicante) was acquired in May 2018.
These three new assets have increased the gross lettable area by 62,708 m² (10,637 m² (Pinatar Park), 27,913 m² (Alameda Shopping Centre) and 24,158 m² (Habaneras Shopping Centre) and have added tenants such as Zara, Aki, Mercadona, Decathlon or Burger King to the portfolio. Post these acquisitions, the Castellana portfolio vacancy rate sits at just under 1%.
At the end of the first half of the year gross debt is at €188.3 million with a Loan To Value (LTV) of 46.4%, 1% lower than the previous reporting period. Gross Asset Value rises to €406.3 million, 11.7% higher than the asset acquisition prices net of transaction costs.
Castellana Properties’ Board of Directors, at its meeting today has approved a distribution of €7.7 million euros, €0.23 per share. This is the second distribution that the company
has paid this financial year. The previous distribution was approved in May, for an amount of €10.9 million.
About Castellana Properties:
Castellana Properties Socimi (YCPS.MC) is an investment vehicle listed on the MAB (Alternative Stock Exchange) market, focused on the acquisition, ownership and refurbishment of retail real estate assets for rent. The company, founded in 2015 under the Spanish legal framework for REITs, is a subsidiary of South African REIT, Vukile Property Fund Limited.
For more info please visit www.castellanasocimi.es
Patricia Cobo – firstname.lastname@example.org / Ignacio Colmenero – email@example.com
T: +34 91 564 07 25