Castellana Properties sells retail park portfolio for €279m

Castellana Properties has agreed to sell its portfolio of nine Spanish retail parks to Ares Real Estate funds, a subsidiary of Ares Management Corporation, for €279 mln. 

Parque Comercial Granaita

These assets collectively span 174,305 m2 of Gross Lettable Area (GLA).
Since acquiring the portfolio in 2017, Castellana Properties has actively managed and matured the assets, achieving a 26% increase in Net Operating Income (NOI) and a 13% net gain in Net Asset Value (NAV) upon sale. This divestment allows Castellana to reinvest the proceeds into acquiring shopping centres across Iberia, where it plans to leverage its expertise in areas such as tenant mix optimisation, value-add projects, marketing, and sustainability.
The retail parks included in the sale are Parque Principado (Asturias), Granaita and Motril (Granada), Parque Oeste (Madrid), La Heredad and La Serena (Badajoz), Ciudad del Transporte (Castellón), Marismas del Polvorín (Huelva), and Pinatar Park (Murcia). Following the expected completion of the sale on 1 April 2026, Castellana Properties will continue to manage these assets for an initial five-year period, with a review of the management agreement thereafter.
Commenting on the transaction, Alfonso Brunet, CEO of Castellana Properties, said: “Our retail parks portfolio has delivered very strong performance and has reached a level of maturity that allows us to take the next step in our strategy. This transaction gives us the opportunity to rotate capital and reinvest in other assets where we can apply our expertise and capabilities across different areas, thereby driving new growth levers across the Iberian Peninsula.”
Castellana Properties invests in Spanish and Portuguese shopping centres and retail parks.