• With this transaction, Castellana Properties acquires 55,800 m² of GLA from the largest shopping center in the Valencian Community for 305 million euros.

• The deal is expected to close on Thursday, March 13.

• The acquisition offers an entry yield on Net Operating Income (NOI), including transaction costs, of 6.96%.

• The shopping center has been fully refurbished, featuring stores with the latest retail concepts and an occupancy rate of 98%.

• Bonaire is located in an area with a catchment of 1.5 million people and is the leading retail and leisure destination in the region, attracting over 11.5 million visits per year.

• With this acquisition, Castellana Properties’ portfolio grows to 20 assets, totaling 518,719 m² of gross leasable area, and bringing the total value of the company’s portfolio to over 1.621 billion euros.

Castellana Properties, a leading listed company in the retail real estate sector, has acquired the Bonaire Shopping Centre, located in the province of Valencia, from Unibail-Rodamco Retail Spain S.L.U. (URW) for a total of €305 million. The transaction offers an entry yield on Net Operating Income (NOI), including transaction costs, of 6.96%.

According to Alfonso Brunet, CEO of Castellana Properties: “At Castellana Properties, we have closely followed the situation in Valencia and have supported in every way possible. We are delighted to witness the region's positive recovery and how Bonaire is becoming a symbol of this resurgence.”

The transaction, set to be finalized on Thursday, March 13, has been financed by CaixaBank through a 7-year mortgage green loan supported by the asset’s BREEAM “Excellent” certification and an EPC grade A energy rating. Following this acquisition, Castellana Properties' portfolio now comprises 20 assets, with a total Gross Leasable Area (GLA) of 518,719 m² and a total portfolio value exceeding €1.621 billion.

Specifically, Castellana Properties has acquired a total of 55,800 m² of Gross Leasable Area (GLA) within the complex. The centre is currently fully refurbished, boasting a 98% occupancy rate. Retailers have updated their stores with the latest concepts, taking advantage of the centre’s reopening to innovate and enhance their spaces. With over 150 brands, Bonaire is one of the largest shopping centres in the country and has been recognized as one of the top ten retail assets in Spain. It is part of an extensive and dominant retail complex offering a total of 135,200 m² of GLA, which further strengthens and complements its commercial offering.

The purchase price of the asset has remained unchanged since the beginning of the negotiation process, with no adjustments made at any point. As part of the agreement, the seller, URW, will provide a Net Operating Income (NOI) guarantee for a period of 18 months.

For Castellana Properties, this acquisition significantly strengthens its portfolio of dominant shopping centres across the Iberian Peninsula, while also expanding its presence along Spain’s east coast and marking its entry into the country’s third most important city in terms of population and per capita income. Bonaire serves a catchment area of 1.5 million people and stands as the leading retail and leisure destination in the region. The acquisition is fully aligned with the company’s strategy, which is 100% focused on retail, investing in shopping centres and retail parks that lead their catchment areas, and actively managing them to become key community hubs.

“This transaction represents a major step forward for Castellana Properties in consolidating our strategy and strengthening our position as one of the leading players in the retail sector in Iberia. Thanks to the expertise of our team and our hands-on management approach, our current portfolio of shopping centres and retail parks has consistently improved in both sales and footfall over the years, delivering significant value to all our stakeholders—especially our investors, tenants, and the communities who benefit from these spaces. At Castellana Properties, we are confident that we can bring this same added value to Bonaire.” stated Brunet.

Since its previous refurbishment in 2016, the semi-open Bonaire shopping centre has delivered outstanding performance over the past several years. In 2023, it recorded 11.5 million visits, supported by a diverse mix of brands that attract customers from across the region. Tenants include a comprehensive offering of fashion, culture, and leisure, with leading names such as Inditex, Primark, JD Sports, Cinesa, Mango, and Fnac, among others.

Bonaire is also fully aligned with the company’s ESG objectives, having achieved a BREEAM “Outstanding” rating for management and an EPC grade A energy certification. These accolades add to the already certified assets in Castellana Properties’ portfolio, along with recent awards and recognitions received by the company, such as the GOLD rating in both Best Practice Recommendations (BPR) and Sustainability Best Practices Recommendations (sBPR) from the European Public Real Estate Association (EPRA), and the five-star rating awarded by GRESB.