• Castellana Properties acquires 50% of the entity owning Alegro Sintra for €46.4 million, forming a Joint Venture with Ceetrus.

• Alegro Sintra, an asset valued at €180 million, is a dominant shopping center in the Sintra region, which closed 2023 with 8.7 million visitors and an occupancy rate of 99.7%.

Madrid, December 19, 2024. Castellana Properties, a publicly listed company specializing in commercial real estate, expands its presence in the Portuguese market by adding a new shopping center, Alegro Sintra, located in the Lisbon region, to its portfolio. With this acquisition, the REIT continues its growth in the Iberian Peninsula, purchasing a 50% stake in the entity owning this high-performance asset in Lisbon for €46.4 million. This transaction also establishes a joint venture partnership with Ceetrus, one of the leading investors and managers of shopping centers in Portugal, which will own the other 50%. The transaction process and negotiation were managed with the support of Nhood's Capital Markets team.

Alegro Sintra is a dominant shopping center in the Sintra region, valued at €180 million. It closed 2023 with 8.7 million visits and an occupancy rate of 99.7%. The shopping center has a total gross leasable area (GLA) of 58,000 m². It offers an extensive range of fashion and dining options, including major fashion brands like Inditex Group and Primark.

This new asset is the leading shopping center in a catchment area of 1.2 million people and the only one within the municipality of Sintra itself, making it the closest and most comprehensive shopping destination for local residents. The asset’s primary catchment area encompasses all of Sintra, Amadora, and the northern parts of Oeiras and Cascais municipalities. Additionally, the north Lisbon population, approximately 2 million residents, can reach the center in less than 30 minutes by car.

Sintra is Portugal's second most densely populated municipality after central Lisbon, with approximately 387,000 inhabitants, representing about 4% of the country's population. Notably, more than 77% of Sintra's population lives near the shopping center, providing the asset with significant potential.

According to Alfonso Brunet, CEO of Castellana Properties: “We are very proud to continue our expansion in Portugal. As we’ve been saying over the past few years, our expertise in active management in the retail sector enables us to achieve the best metrics in the market and identify great opportunities, like Alegro Sintra. Our strong projection in Portugal is a testament to the excellent work the Castellana Properties team carries out daily.”

In October 2024, Castellana Properties entered the Portuguese market by acquiring three shopping centers — RioSul Shopping, LoureShopping, and 8ª Avenida — in a deal valued at €176.5 million. All these assets, leaders in their respective catchment areas, offer a wide range of fashion, dining, and services, now complemented by Alegro Sintra.

Growth Also Reflected in Results

The company recently reported its financial results for the first half of its fiscal year, reflecting this territorial growth. During this period, Castellana Properties achieved a net profit of €33 million, a 103.4% increase compared to the same period of the previous year. Comparative gross rental income (GRI) reached approximately €36 million (+2.3% vs. H1FY24), and operating profit (EBITDA) exceeded €27 million.

Moreover, the company's shopping centers continue to show an upward trend, with a year-on-year increase in foot traffic of 3.2% from January to September 2024 compared to the same period last year, while cumulative sales grew by 4.8% during the same period.