Castellana Properties Socimi grows 5.8% on debut.

Castellana Properties debuted as a Spanish REIT (SOCIMI) in Madrid’s Alternative Stock Market (MAB) and became the fifteenth fund to list on this market during 2018. After Lawrence Rapp & Alfonso Brunet performed the traditional ringing of the bell, their shares rose by 5.8% to €6.35 as at market close.

Castellana Properties SOCIMI SA operates as a subsidiary of Vukile Property Fund Limited. As a guidance up to March 31, 2019, the company expects property revenue to be ZAR 72,959,000 and net profit after tax to be ZAR 52,774,000. For the year ending March 31, 2020, the company expects net profit after tax to grow to ZAR 59,098,000.

As at June 2018, Castellana Properties owns 15 assets in Spain: C.C. Habaneras (Alicante), West Park (Alcorcón); Principality Park (Asturias); Mejostilla (Cáceres); The Heredad (Merida); La Serena (Villanueva de la Serena); DC Motril (Granada); Kinépolis LP (Granada); Kinépolis RP (Granada); Transport City (Castellón); Marismas del Polvorín (Huelva); Alameda S.C. (Granada) and Pinatar Park Retail Park (Murcia). Their portfolio also includes two office buildings, one in Madrid and the other in Seville.

Castellana Properties aims to grow their portfolio to up to €2 billion in the following years and become the leader in the retail property market in Spain seeking income security and established schemes.

Reportedly, the fund is expected to acquire 4 additional shopping centres from Unibail Rodamco in the following weeks.