• Net profit increased by 85% to 168M€, EBITDA grew by 63%, and NOI rose by 56% to 116€. 

• Gross Asset Value (GAV) stood at €1.961 billion at the end of the fiscal year, up 18%, following strategic acquisitions, organic growth, and portfolio optimization. As of May 2026, with the acquisitions of Islazul and Splau and the sale of the retail park portfolio, the company’s GAV amounted to €2.201 billion. 

• The company maintained record occupancy and collection rates for the sector, at 98.9% and 98.6%, respectively. 

• Fitch upgraded Castellana Properties’ rating to 'BBB' with a stable outlook. 

• Nearly €1.0 billion in transactions over the last 14 months: acquisitions in Madrid (Islazul), Barcelona (50% of Splau), and Logroño (Berceo), and the sale of a retail park portfolio. 

• Record leasing activity, with 303 contracts signed and an average 9.1% increase in rent transacted.

Castellana Properties, a listed company specializing in the acquisition and management of shopping centers and retail parks in the Iberian Peninsula, has published the results for its latest fiscal year, marked by the transformation and consolidation of its leadership in the Iberian market.

The company achieved net profit of €167.8 million, up 85% compared to the previous year, driven by growth in Gross Rental Income (GRI) and NOI, which rose to over €116 million. In terms of profitability, EBITDA stood at more than €100 million, representing an increase of over 63%. Growth on a like-for-like basis was particularly significant: +6.2% in GRI and +7.9% in NOI compared to the previous year, reflecting the operational strength and quality of the portfolio.

At the end of the fiscal year, Gross Asset Value (GAV) increased by 18% to €1.961 billion. The Islazul and Splau transactions, as well as the sale of the retail parks, were completed after the end of the fiscal year and are therefore not included in this metric. Today, Castellana Properties’ portfolio comprises 15 assets, a Gross Lettable Area (GLA) of 595,469 sqm, and Gross Asset Value of €2.201 billion.

According to Alfonso Brunet, CEO of Castellana Properties: “We have closed a historic year, with growth in footfall, sales, and portfolio value, confirming the strength of our active management model and the resilience of high-quality physical retail. In addition, we have taken a key step in our capital rotation strategy, crystallizing value in mature assets and reinvesting in benchmark shopping centers in Spain, with dominant positions in their catchment areas and strong growth potential. We will continue to focus on active management, innovation, and a long-term vision to transform each asset, generate sustainable value, and consolidate Castellana Properties as a benchmark for physical retail in the Iberian Peninsula.”

From a financial perspective, the company maintains a solid and prudent structure, with a Net LTV ratio of 33.4%, 90% of debt at fixed rates, and an average cost of debt of 4.57%. This responsible approach has been recognized by Fitch, which upgraded Castellana Properties’ credit rating to ‘BBB’ with a stable outlook. The agency highlights the diversification of the portfolio, low concentration risk, and disciplined financial management, reinforcing confidence in the company’s strength and capacity for sustainable growth.

Record operating performance

During FY26, the company maintained excellent operating metrics, with occupancy of 98.9% and a rent collection rate of 98.6%, placing it above sector benchmarks. Leasing activity was particularly dynamic, with 303 contracts signed, generating new rents worth €20.2 million and an average increase of 9.1% compared to previous rent levels.

In terms of footfall and sales, the entire portfolio showed sustained growth. Total portfolio footfall reached 102 million visits, up 3.6% compared to the previous year, while sales at the group’s shopping centers increased by 4.5%. Particularly notable were increases in key categories such as food (+6.2%), home (+6.1%), leisure and entertainment (+6.1%), and fashion (+4.6%).

The contribution of the portfolio in Portugal was also especially significant, reaching a historic high of more than 35 million visits and sales growth of 4.1%.

Transformation and value-added projects

During the year, Castellana Properties advanced major repositioning and improvement projects across several of its key assets. Vallsur, in Valladolid, completed the second phase of its project, enabling the opening of new brands, which translated into a 6% increase in footfall. In addition, it has just unveiled Spain’s tallest fully indoor playground, a bespoke feature for the shopping center, spread across three levels for kids to enjoy.

Following the acquisition of Berceo, in Logroño, a plan was launched to improve the food and beverage area, with the aim of diversifying and optimizing the tenant mix, creating new outdoor spaces, bringing in leading brands, and strengthening its regional appeal.

At Islazul, in Madrid, the company has begun an ambitious comprehensive refurbishment, including improvements to circulation, the expansion and modernization of the food and beverage offering, and the renovation of flagship stores.

Los Arcos, in Seville, continues to carry out its expansion project, which is already 100% leased and has been very well received by operators. Completion of the works is scheduled for 2027 and will bring new leisure and food and beverage concepts to the center.

Finally, the integration of Castellana Properties’ assets in Portugal, completed in record time, is particularly noteworthy. All key indicators have improved, consolidating the company’s commitment to value creation in the Portuguese market. The four centers managed by Castellana Properties each recorded the highest footfall figures in their history and, together, the portfolio closed FY26 with an all-time high in footfall, exceeding 35 million visits, up 2.7%.

ESG commitment and digitalization

The company also strengthened its leadership in sustainability, renewing its main international recognitions, including EPRA BPR and sBPR Gold and a 5-star GRESB rating, while maintaining its Great Place to Work certification and improving its previous trust index score from 89% to 91%.

Castellana Properties has also promoted social campaigns such as ‘Zero Screens Zone’ and completed the first year of its artificial intelligence and process digitalization roadmap, with all employees using new Cloud and AI tools.