• Since its acquisition in 2017, Castellana Properties has increased the Net Operating Income (NOI) of its retail parks portfolio by 26%.

• The revaluation of Net Asset Value (NAV) from the time of acquisition to date represents a net gain of 13% for Castellana Properties.

• The transaction comprises nine assets owned by the company, all of them retail parks in Spain, with a total Gross Lettable Area (GLA) of 174,305 sqm.

• The transaction is expected to complete on 1 April 2026. Castellana Properties will continue to manage the assets for a period of five years.

Castellana Properties, a listed company and a leading player in the acquisition and management of shopping centres and retail parks in Spain and Portugal, has reached an agreement with Ares Real Estate funds, a subsidiary of Ares Management Corporation (NYSE: ARES) (“Ares”), one of the world’s leading alternative investment managers, for the sale of its portfolio of retail parks in Spain. The transaction involves a total of nine assets valued at €279m, with a combined Gross Lettable Area (GLA) of 174,305 sqm.

As an expert in the active management of shopping centres and retail parks, Castellana Properties has successfully brought the portfolio to maturity since its acquisition in 2017, increasing Net Operating Income (NOI) by 26%. The uplift in NAV (Net Asset Value) between acquisition and sale represents a net gain of 13% for Castellana Properties. This transaction provides an opportunity for the company to redeploy the proceeds into the acquisition of shopping centres across Iberia, where it can apply its expertise and best-in-class active management across areas such as tenant mix optimisation, value-add projects, marketing experiences, sustainability and environmental initiatives, among others.

Specifically, the retail parks included in the transaction are Parque Principado in Asturias; Granaita and Motril in Granada; Parque Oeste in Madrid; La Heredad and La Serena in Badajoz; Ciudad del Transporte in Castellón; Marismas del Polvorín in Huelva; and Pinatar Park in Murcia. Following completion of the sale, which is expected to take place on 1 April 2026, Castellana Properties will continue to manage the assets, as it has successfully done to date, for a period of five years. At the end of this period, the continuation of the management agreement will be reviewed.

Commenting on the transaction, Alfonso Brunet, CEO of Castellana Properties, said: “Our retail parks portfolio has delivered very strong performance and has reached a level of maturity that allows us to take the next step in our strategy. This transaction gives us the opportunity to rotate capital and reinvest in other assets where we can apply our expertise and capabilities across different areas, thereby driving new growth levers across the Iberian Peninsula.”