Castellana Properties is a Spanish company that is looking to buy three shopping centers in Portugal. Vukile funds this company, and it aims to lay its foundations in Portuguese cities. An agreement has been made by Harbert European Real Estate and the Spanish company to come up with the agreement as Castellana Properties buys shopping centers.
Agreement Reached To Buy Shopping Centers
Castellana Properties has agreed to buy three shopping centers for around 176.5 million Euros. This agreement makes the official entry of Castellana Properties into the national market. It also promotes business opportunities and growth in the Iberian Peninsula. This makes them gain around 75,000 square meters to the real estate.
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The official announcement is made by the company to the BME growth. This is a market which is listed for all three shopping centers. This will represent the total profit which is six million Euros. This net profit was during October 2024 and March 2025. It is expected from the company that it will have a profit of 9.5 million Euros for the year 2026. It is more than 1.5 million Euros which is given to the projects.
Castellana Properties will be buying the three shopping centers which are Loures Shopping Center, Rio Sul Center, and 8ª Avenida Center. The Loures Shopping Center is located in Lisbon city, and it has an area of 44,745 meters square. Castella will buy an area of 29,398-meter square. This will also include the famous brands that already exist in the shopping center. Some of the brands are H&M, Zara, Pull&Bear, and many more. The shopping center has many customers who visit it weekly. It is estimated that around six million visitors visit this shopping center every year. The estimated sales are around 77 million Euros.
Castellana Properties Will Invest In Portugal Malls
The second mall is also located in Lisbon city, and it is just 20 minutes away from the capital of Portugal. This has a total area of around 46,006 meters square of Rio Sul Mall. The Spanish company will buy an area of 23,515 meters square which also includes some brands like Ikea. Around eight million people visit this mall every year and this amount of traffic makes it significant for the Spanish company. The estimated sales from this location are around 98 million Euros.
8ª Avenida is the third mall that the Castellana Properties will buy in Portugal. This is located in a city called ‘São João da Madeira’ which is around 40 minutes away from Porto. It has an area of 28,923 meters square and the Spanish company will buy around 21,710-meter square area. The annual number of visitors to this mall is around six million people. It is estimated to have sales of around 58 million Euros.
Castellana Properties wanted to buy the whole area but some of the areas that the Spanish company did not buy belonged to the Continente hypermarket. This hypermarket has roots in all the three malls that the Spanish company will buy in the future. This area is not included in the purchase agreement between both parties. The transaction between both parties is yet to be finalized according to the financial requirements of the agreement. The complete agreement will be finalized in October of the year 2024.
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