Castellana Properties buys 50% of Splau shopping centre

Castellana Properties has acquired a 50% ownership stake in the Splau shopping centre in Cornellà de Llobregat, Barcelona, from Unibail-Rodamco-Westfield (URW).

Splau shopping centre, Cornellà de Llobregat

The deal values the entire shopping centre at €350 mln, with Castellana Properties paying €89.2 mln for its 50% share. URW will continue to manage the centre.

Splau has 56,000 m2 of retail space and 151 stores, boasting a 99.3% occupancy rate. It attracts nearly 10 million visitors annually and serves a catchment area of over 5 million people, plus tourists. The centre offers a strong mix of international and local brands, a wide selection of food and beverage options, and a significant leisure component, including Spain's largest Kinepolis cinema.

The centre is strategically located at the southern entrance to Barcelona, with excellent public transport links and ample parking. Ongoing development projects in the surrounding area are expected to further boost its potential. Splau also demonstrates a strong commitment to sustainability, with features like solar panels, green electricity, and a zero-waste policy.

Alfonso Brunet, CEO of Castellana Properties, commented: “This transaction marks a further step in our growth in Spain and reinforces our commitment to dominant assets within their catchment areas, with strong growth potential. Splau is a landmark asset due to its operational strength and commercial appeal, and we are particularly pleased to complete this transaction alongside Unibail-Rodamco-Westfield, one of the sector’s leading operators and a partner with whom we have built a strong and trusted relationship.”

In the last quarter, Castellana Properties sold nine of its retail parks in Spain to funds managed by Ares Management for €279 mln. This sale, expected to finalise in April, allowed Castellana Properties to re-invest in properties that better fit its current strategy, ultimately improving the quality of its overall portfolio.

Following this, Castellana Properties acquired two major shopping centres: Berceo in Logroño for €108 mln and Islazul in Madrid for €340 mln. These acquisitions are now being rounded out by the purchase of a stake in the Splau shopping centre, expected to close by the end of April.

Once all these transactions are complete, Castellana Properties will own 15 properties in Spain and Portugal. Its total portfolio will span 594,420 m2 of retail space and be valued at €2.12 bn.