· The deal has boosted the firm's portfolio by 20,112 sqm of GLA, taking it to 371,845 sqm overall

· Castellana Properties plans to begin work at the site towards the end of this year, ready to welcome six new retailers by late 2024. The deal is another added bonus for El Faro as it continues to diversify its brand lineup and bring more choice to consumers in Extremadura

Castellana Properties, a listed company specialising in the retail sector, has moved to expand its retail offer at the El Faro shopping centre. The company acquired a space with a gross lettable area (GLA) of 20,112 sqm, formerly occupied by Hipercor, in late July this year. It intends to begin remodelling work at the end of 2023 with a view to six new retailers opening their doors in late 2024, further improving and consolidating El Faro's retail offering. The shopping centre continues to strengthen its hand as a prime attraction in Badajoz and the whole of Extremadura, having emerged as the location of choice for brands vying to break into the local market - now with the added incentive of a completely refurbished space.

El Faro is the largest shopping and entertainment destination in Extremadura. Offering 2,639 free parking spaces and more than 100 retail, leisure and food & beverage brands, it has become a landmark for shoppers in Extremadura and across the border in the Portuguese region of Alentejo. More than 520,000 people live within its wider catchment area. El Faro's dominance in the region is reflected in its annual footfall data. More than 7.9 million visits were recorded in 2022, a testament to the sector's robust recovery from the disruption of the pandemic. Castellana Properties' financial results are equally encouraging. The company reported year-on-year growth in shopping centre sales of 13.3% and a 1.2% increase in footfall compared to the pre-pandemic period.

Its management team has extensive experience in this area, as shown by the success of Los Arcos in Seville and Bahía Sur in Cadiz. The company has every confidence in the decision to restructure this particular site, given the centre's overall dimensions and heightened demand for units in the region's premier retail destination. This investment is yet another example of how vitally important active management is to Castellana Properties and its shopping centres investment in El Faro is an expression of Castellana Properties' active management ethos, one of the firm's most distinctive hallmarks.

Julio García, COO of Castellana Properties, remarked, "We are proud to announce this new development at El Faro, and filled with excitement and enthusiasm at this next step in our bid to bring the latest concepts and brands to the city of Badajoz, in line with our objective of cementing El Faro's position as the region's number one shopping and leisure destination. El Faro has become a focal point for the whole of Badajoz, and our priority is to continue to bring net benefits to the region and build on our commitment to the people of Extremadura".



Castellana Properties SOCIMI SA published this content on 19 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 September 2023 16:10:09 UTC.