Castellana Properties Socimi S A : Fitch assigns Castellana Properties BBB- Investment Grade credit rating

Madrid, 17 March 2022. Castellana Properties, a listed company specialising in the retail sector has obtained a long-term BBB- Investment Grade rating with a ratings outlook of stable by Fitch, the internationally renowned credit rating agency. The strong results posted in recent months, combined with the resilience and quality of the company's property portfolio, has led Fitch to take a positive view of the firm's active management and its stable portfolio profile. The rating agency also looked favourably on the dominant position that its shopping centres and retail parks benefit from in their respective catchment areas, on the new leases and rental increases signed, its improved cashflow and the recovery of footfall and sales, among others. The company was advised by Goldman Sachs throughout the process.

Castellana Properties was one of the retail sector's best-performing companies in 2021 and has made an excellent recovery following the pandemic. In October and November 2021, the most recent months with available figures, visitor levels were back at 99% and 98% of what they were during the same months in 2019, with sales even climbing +7% and +5.4% respectively to exceed pre-pandemic levels. These indicators have outperformed the sector benchmarks and offer a clear indication of the resilience of the portfolio, allowing the company's EBITDA to reach EUR23 million and taking its net profit to EUR16.9 million.

The credit rating serves as an acknowledgement of Castellana Properties' hard work and dedication since it first debuted on the BME Growth in July 2018. It also pays testament to the firm's excellent management throughout this time and demonstrates the retail sector's potential in Spain and its future growth capacity based on heightened demand. The company's portfolio comprises 16 properties - including both shopping centres and retail parks - and its gross value stands at circa EUR 1,100 million.

In the words of Débora Santamaría, CFO of Castellana Properties "we are extremely proud to be able to make such a positive announcement, and one that provides us with greater access to debt and capital markets. Castellana Properties is performing very well, reporting excellent figures which underline the potential of the retail sector in Spain and shows just how bright the company's future is looking".