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Castellana Properties Waives the Rent for April for its 16 Shopping Centres

The Socimi is going to subsidise the minimum guaranteed rent for April for those tenants who have been forced to shut by the 'suspension of activity and closure' order decreed by the Government.

Centro comercial Bahía Sur de Castellana Properties Socimi
The Bahía Sur shopping centre owned by the Socimi Castellana Properties.

Castellana Properties, the Socimi controlled by the South African fund Vukile that owns a portfolio of commercial assets worth more than €1 billion, is going to waive the rent for April for the tenants of its 16 shopping centres and retail parks, according to Expansión.

The company behind shopping centres such as Bahía Sur will subsidise the minimum guaranteed rent corresponding to April for those tenants who have been forced to shut by the ‘suspension of activity and closure’ order decreed by the Government on 14 March. However, this supplement does not exempt those tenants from paying their share of the communal expenses, since the centres are still open and continuing with their surveillance, cleaning and maintenance services.

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