• In the first six months of its financial year, the company has signed 62 leases (10 renewals and 52 new leases) worth €6m for a total GLA of 21,102 sqm.

• The company has again increased its footfall by 3.7% to August 2024 and sales were up by 4.6% to July 2024.

• Castellana Properties continues to invest in repositioning its property portfolio, such as Vallsur, which has registered a 16% rise in footfall and a 7.1% jump in sales since opening a new leisure and restaurant area.

Castellana Properties, the specialist listed retail property firm, has reported continued growth in the first six months of its financial year, which runs from April to March, for the 15 assets in its portfolio. Over the H1 period, the company signed a total of 62 leases, worth €6 million, for a total GLA of 21,102 sqm. Of these 62 contracts, 10 were renewals and 52 were new leases. These leases were signed at very strong rental levels, with an average increase of 31.45%: 42.43% on new leases and 9.83% on renewals.

In line with this growth, footfall at the company's property portfolio was up 3.7% year on year in the period to August 2024. Sales were also up by 4.6% to the end of July 2024, with the strongest performance posted by household items (+7%), health and beauty (+9%), and restaurants (+6%), followed by robust results in fashion and leisure and entertainment. The portfolio occupancy rate stood at a notable 98.4%, outperforming the sector average, which APRESCO data puts at 94.4%. In addition, the receivables turnover ratio at 31 August 2024 stood at 99%.

Alfonso Brunet, CEO of Castellana Properties, said: “In line with the data reported at the end of our last financial year, the growth registered in the first half is a clear endorsement of our strong strategy and position in the market. We have an expert team in the retail sector and strategic assets which position us well to add further value for the communities where we operate and for our various stakeholders.”

Actively managing and repositioning portfolio assets is a fundamental component of Castellana Properties' strategy. The activity undertaken by the company's team in Spain has proven successful in strengthening and enhancing the performance of this portfolio.

The initial phase of the value-add project underway at Vallsur shopping centre in Valladolid, where a brand new leisure and restaurant area, La Chismería, is now up and running, drove up footfall by 16% from April to August. Likewise, sales at the shopping centre are up 7.1% in the F&B segment since La Chismería was opened in December 2023.

At the El Faro shopping centre in Badajoz, the company is also currently refurbishing the unit it acquired, which was previously leased to Hipercor. The site will soon be home to top-level brands such as Lefties and Alvaro Moreno, and a new gym will be opened in the leisure area.