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Castellana Properties Plans to Invest €500 Million in New Assets Despite the Pandemic

The Socimi owned by the South African fund Vukile recorded gross revenues of €55.9 million in Q1 and values its portfolio at €1.0 billion, after recognising a €23 million hit due to impact due to Covid-19.

Centro comercial Bahía Sur de Castellana Properties Socimi

The Socimi Castellana Properties, controlled by the South African fund Vukile, and the owner of almost twenty shopping centres in Spain, is pushing ahead with its business plans for 2020 despite the impact of Covid-19 on the economy and the real estate sector, in particular in its business niche: retail.

In this way, the company is going to maintain its shareholder remuneration policy – unlike other listed companies in the sector such as Merlin, Metrovacesa, Renta Corporación – and so will propose the distribution of a dividend of 0.47 euros per share, up by 20.6% compared to the previous year. “We have a good cash position and that places us in an advantageous position in the context of this crisis,” said Alfonso Brunet, CEO of Castellana Properties, during the presentation of the company’s results.

Read the full article in Spanish.

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