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Castellana Properties Loses €18 Million Due to the Impairment of its Portfolio

The lower valuation of its assets was reflected in a negative accounting impact of 21 million euros, which contrasts with the positive contribution of 7.6 million euros recorded in the 2019 accounts.

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One of the shopping centres owned by the Socimi.

The Socimi Castellana Properties recorded losses of 18.9 million euros during the first half of its financial year 2020, which runs from April to September, compared to gains of 33.8 million euros during the same period a year earlier.

The company has justified these losses as resulting from the rebates that it has agreed on the rents to its tenants amounting to 15 million euros during the period. The company estimates that this amount had a direct impact on revenues of 48%; its revenues amounted to 22.9 million euros in total.

Read the full article in Spanish.

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