• The transaction involves the acquisition of a 50% stake in the company that owns the Splau shopping centre, valued at €350 million, through a joint venture with Unibail-Rodamco-Westfield (URW).

• Splau offers more than 56,000 sqm of Gross Lettable Area (GLA), with an occupancy rate of 98.9% and annual footfall of 10 million visits.

• Following the disposal of its retail parks and the acquisitions of Berceo, Islazul and Splau, Castellana Properties’ portfolio will comprise 15 assets across Spain and Portugal, with a total Gross Lettable Area (GLA) of 594,420 sqm and a total portfolio value of €2.12 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 Unibail-Rodamco-Westfield (URW), creator and operator of a unique portfolio of vibrant, retail-led urban destinations in some of the world’s leading cities, for the acquisition of a 50% stake in the company that owns the Splau shopping centre, valued at €350 million, located in Cornellà de Llobregat (Barcelona). The final price to be paid amounts to €89.2 million for 50% of the shares in the property-owning company, and the effective date of the Acquisition is anticipated to be towards the end of April.

The asset is valued at €350 million and, following this transaction, structured as a 50/50 joint venture, URW will continue to manage the shopping centre as it has done to date. This transaction strengthens Castellana Properties’ expansion and geographical diversification strategy, focused on dominant assets within their respective catchment areas.

According to Alfonso Brunet, CEO of Castellana Properties: “This transaction marks a further step in our growth in Spain and reinforces our commitment to dominant assets within their catchment areas, with strong growth potential. Splau is a landmark asset due to its operational strength and commercial appeal, and we are particularly pleased to complete this transaction alongside Unibail-Rodamco-Westfield, one of the sector’s leading operators and a partner with whom we have built a strong and trusted relationship.”

Splau comprises 56,000 sqm of Gross Lettable Area (GLA) and 151 units, with an occupancy rate of 99.3%. The centre recorded close to 10 million visits over the past year and benefits from a catchment area of more than 5 million people, in addition to the millions of tourists who visit Barcelona each year. Since opening in 2010, Splau has maintained a strong performance, driven by active, innovation-led management, with major refurbishments carried out in 2016 and 2022.

The centre offers an outstanding mix of brands, comprising leading international and local operators, including Primark, Fnac, several Inditex brands such as Zara, Bershka, Stradivarius and Lefties, Mercadona, MediaMarkt, and fashion retailers such as Pull&Bear and JD Sports. Splau also features more than 36 food and beverage outlets and 11,000 sqm dedicated to leisure, including its Kinepolis cinema – the largest in Spain by number of screens, with 28 screens, 4DX technology and more than 773,000 visitors in 2024 – as well as the Ilusiona bowling centre.

Prime location, sustainability and strong growth potential

Located in an area undergoing significant urban transformation, Splau benefits from a strategic position at the southern gateway to Barcelona, fully integrated into the regional transport network and offering access to 2,800 parking spaces, facilitating both car and public transport access. The centre is served by more than 10 different metro, bus and rail lines with stops directly at the scheme, as well as a regional train station located just 600 metres away, providing direct connections to the city of Barcelona. In addition, the presence of major development projects in the area – including the IMED hospital, hospital expansions, new office districts and public amenities – further enhances the dynamism and potential of the centre’s catchment area.

Splau is strongly committed to sustainability and social responsibility, as demonstrated by the installation of solar panels, BREEAM certifications, the use of 100% green electricity, LED lighting throughout the scheme, the availability of 15 electric vehicle charging points, and a zero waste to landfill policy in place since 2020, among other certifications and commitments. In September 2025, in partnership with INCO, the centre also launched a major social initiative focused on training and employability for individuals at risk of long-term unemployment.

A quarter of growth for Castellana Properties

Over the last quarter, Castellana Properties has executed a series of strategic moves from both an investment and portfolio rotation perspective within the Iberian retail market. During this period, the company completed the sale of its portfolio of nine retail parks in Spain for €279 million to funds managed by Ares Management. This strategic transaction, which is expected to complete in April, has enabled the company to reinvest part of the proceeds into the acquisition of key assets more closely aligned with its current strategy, thereby enhancing the overall quality of its portfolio.

In this context, Castellana Properties acquired the Berceo shopping centre (Logroño) for €108 million and the Islazul shopping centre (Madrid) for €340 million, two well-established and leading assets within their respective catchment areas, further strengthening Castellana Properties’ positioning in the dominant shopping centre segment in Spain. These transactions are now complemented by the acquisition of a stake in Splau, which is expected to complete at the end of April.

Following these transactions, and once the sale of the retail parks and the acquisitions of Islazul, Berceo and Splau have been completed, Castellana Properties’ portfolio will comprise 15 assets across Spain and Portugal, with a total Gross Lettable Area (GLA) of 594,420 sqm and a total portfolio value of €2.12 billion.