• With this transaction, Castellana Properties acquires the company that owns the leading asset in La Rioja, which has 34,416 sqm of GLA.

• Following this transaction, Castellana Properties’ portfolio increases to 22 assets, with a total portfolio value of more than €1.882 billion.

Castellana Properties, a listed company specialising in the acquisition and management of shopping centres and retail parks in Spain and Portugal, has reached an agreement with Barings for the acquisition of the company that owns the Berceo shopping centre, located in the Autonomous Community of La Rioja, for a total of €108 million. Following this acquisition, Castellana Properties’ portfolio reaches 22 assets, with a total gross lettable area (GLA) of 602,105 sqm and a gross asset value (GAV) of more than €1.882 billion. The transaction was advised by Variant Real Estate and Cushman & Wakefield.

Berceo, the dominant retail asset in the province, has a catchment area of 365,000 inhabitants and is the only major retail offering within a 100-kilometre radius, attracting residents from Logroño and neighbouring provinces. Located in an area with above-average per capita income, low unemployment and a robust industrial economy, it is the leading fashion destination in La Rioja. Through this transaction, Castellana Properties acquires 34,416 sq m of GLA out of a total of 49,416 sq m, making it a strategically significant acquisition due to its leadership position and growth potential in northern Spain.

According to Alfonso Brunet, CEO of Castellana Properties: “This transaction strengthens Castellana Properties’ growth strategy and geographic diversification in Spain, consolidating our presence in the north of the country. Asset rotation, supported by the recent sale of our retail park portfolio, has enabled us to reinvest part of the proceeds in the acquisition of this strategic, high-potential asset, fully aligned with our active management and sustainable value creation model. This reinvestment strategy will allow us to continue growing in the future through the incorporation of new assets in line with our roadmap.”

Meanwhile, José Carlos Torres, Managing Director and Head of Real Estate Iberia at Barings, stated: “Thanks to Barings active asset management, Berceo has been a consistently high‑performing asset within our portfolio. Since acquisition, income, occupancy, tenant mix and footfall have been consistently enhanced. After completing the full investment cycle, delivering consistent returns to our investors, we are pleased to have completed this transaction with Castellana Properties, an experienced operator in the retail sector, and believe they are well placed to continue outperforming. This sale reinforces our commitment to disciplined capital rotation and to creating sustainable value for our investors across key European markets.”

Since its opening in 2003, Berceo has maintained a strong track record of performance, driven by the presence of key retailers such as Zara, Primark, Carrefour and MediaMarkt. This positioning, together with a sustained recovery process following the pandemic, enabled the centre to reach 6.3 million visits in 2025, consolidating its role as an economic and social driver in La Rioja.