• The company has signed a €185 million financing agreement with Aareal Bank A.G.

• This agreement, a clear sign of the confidence credit institutions have in Castellana Properties, places the company’s average debt maturity at 5 years

• The aim is to refinance the syndicated loan for the retail park portfolio and the loan for the Habaneras Shopping Centre (Alicante), as well as the financing of phase two of the Pinatar Park Retail Park (Murcia)


Castellana Properties, a listed company specialising in the retail sector announces €185 million 7-year financing agreement with Aareal Bank A.G. The agreement will allow Castellana Properties to increase its average debt maturity from 3.5 to 5 years.

The aim of this agreement is to refinance the syndicated loan tied to the retail park portfolio and the Habaneras Shopping Centre (Alicante) loan, as well as the financing of phase two of the Pinatar Park Retail Park (Murcia). Castellana Properties has therefore refinanced 40% of its assets, a clear indication of the confidence credit institutions have in the company following its excellent performance in 2021 and its return to pre-pandemic operating levels.

Castellana Properties was one of the retail sector’s top-performing companies in 2021. According to the latest annual figures published, at the end of September, the portfolio’s occupancy ratio remained above 97%, which is considered full occupancy, the rent collection ratio exceeded 95%, and gross rental income surpassed pre-pandemic levels, rising 5.7%.

The firm recently resumed its investment programme by closing a purely financial transaction: the acquisition of a 21.7% stake in Lar España Real Estate, with a 48% discount on the EPRA NTA. This attractive financial investment offers both a high dividend yield and the potential to secure long-term potential capital value uplift.

According to Debora Santamaría, CFO at Castellana Properties, “we are very pleased to be able to announce an agreement as important as this for Castellana Properties, one that demonstrates the confidence that financial institutions have in our business model following such positive results. This will allow us to remain firmly committed to actively managing our portfolio, so that our centres and retail parks continue to lead from the front and offer local residents in each one of our catchment areas the best possible services”.


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