Castellana Properties has acquired 23 000m² of commercial space owned by El Corte Inglés that form part of the shopping centres Bahía Sur (Cádiz) and Los Arcos (Sevilla). The investment volume totals €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 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. The company currently owns 17 assets, including shopping centres, retail parks and offices that comprise a total gross lettable area of 317,106m², following the merger and upgrade of the Granaita retail park for €5.5m.
Alfonso Brunet, CEO of Castellana Properties, commented: "We have acquired 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".
