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Unibail Spain’s Profits Fall by 76% in 2019 After Sale of 4 Shopping Centres

The real estate company sold the El Faro (Badajoz), Bahía Sur (Cádiz), Los Arcos (Seville) and Vallsur (Valladolid) shopping centres in 2018 to the Socimi Castellana Properties for €489 million.

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Parquesur, located in the Madrid town of Leganés, is owned by Unibail.

The sale of the Spanish subsidiary of the French company Unibail Rodamco to the South African fund Vukile, also a shareholder of Castellana Properties, also affected turnover last year, which fell by 9.5% to €142.8 million.

As a consequence, profits fell by 76.2%, from 234.8 million euros to €55.8 million in 2019, as reflected in the accounts Unibail Rodamco Retail Spain submitted to the Commercial Register. The Spanish subsidiary added that it has debts of €799 million with its parent company.

Read the full article in Spanish


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