• The company acquires properties owned by El Corte Inglés in Bahía Sur shopping mall and the property owned by El Corte Inglés in Los Arcos, tenanted by Hipercor, adding 23,000m² of commercial area to the portfolio in total.

• The transaction will increase the commercial offering by 13% with approximately 23 new brands

• Castellana Properties thus reinforces its strategic objective of improving its assets by adding value through active asset management

Castellana Properties, specialist in the acquisition, management and rehabilitation of retail real estate assets, and listed in the Alternative Equity Market (MAB), has acquired the properties owned by El Corte Inglés that form part of the shopping centres Bahía Sur (Cádiz) and Los Arcos (Sevilla). The purchase, which has been concluded at price of €36.8M excluding transaction costs, represents additional value for Los Arcos and Bahía Sur, improving and increasing their commercial, food and leisure offering by 13% with approximately 23 new brands.

The transaction entails the acquisition of 23 000m² of commercial area in total of which 12,000 m² is in Bahía Sur and 11,000 m² is in Los Arcos.

The project to be implemented in both shopping centres reinforces Castellana Properties' strategic objective of continuous improvement of its assets, adding value through active asset management of its portfolio.

Castellana Properties currently owns 17 assets, including shopping centres, retail parks and offices that comprise a total gross lettable area of 317,106 m², following the merger and upgrade of the Granaita retail park for €5.5M.

Alfonso Brunet, CEO of Castellana Properties, explains that "in line with our firm commitment to organic growth, we have acquired these two strategic assets that allow us to increase and improve the commercial mix for our clients. Our objective is to provide them with added value, which is why we are working to ensure that our shopping centres are not just a shopping area".