Castellana Properties buys Retail Park Habaneras in Alicante
Castellana Properties, a Spanish REIT dedicated to the acquisition, ownership and refurbishment of retail real estate assets for rent, has closed the acquisition of Habaneras Shopping Centre, located in Torrevieja (Alicante) and paid for it 80.6M€. Previously owned by Heref Habaneras Socimi, listed in the Spanish Alternative Stock Market (MAB), Habaneras Shopping Centre has a commercial area for rent of 24,158 m2 , distributed in three levels and 70 stores.
As of today, Habaneras Shopping Centres has 63 tenants and an occupation ratio of 94%. The largest tenants in the scheme are Aki, Forum Sport, Zara, C&A, and H&M, adding up to 11,053 m2 , the equivalent to almost 46% of the total Gross Lettable Area (GLA). Other tenants of reference for consumers are Pull&Bear, Bershka, Stradivarius and Massimo Dutti clothing shops part of the Inditex Group. Additionally, the centre has 820 free parking spaces for clients.
Alfonso Brunet, CEO of Castellana Properties, has commented: “Last year, Castellana Properties acquired 11 retail parks in Spain for approximately 300M€, becoming a key player in the Spanish real estate industry. The acquisition of Habaneras Shopping Center is another step to strengthen our positioning in the retail market”. Regarding the business strategy of the company, Mr. Brunet highlighted “the value of this transaction is the capacity of this new asset to generate predictable, sustainable and growing income for investors. Now, it is our responsibility to guarantee a high-quality experience for tenants and their customers”.
About Castellana Properties:
Castellana Properties Socimi is an investment vehicle in the Spanish real estate market, focused on the acquisition, ownership and refurbishment of retail real estate assets for rent. The company, founded in 2016 under the Spanish legal framework for REITs, is a subsidiary of South African REIT Vukile Property Fund.
The company owns 14 assets in Spain: C.C. Habaneras (Alicante), Parque Oeste (Alcorcón); Parque Principado (Asturias); Mejostilla (Cáceres); La Heredad (Mérida); La Serena (Villanueva de la Serena); C.C. Motril (Granada); Kinépolis RP(Granada); Ciudad del Transporte (Castellón); Marismas del Polvorín (Huelva); Alameda S.C. (Granada); Pinatar Park (Murcia). The company also owns two office buildings, one in Madrid and the other one in Seville.