Castellana Properties, the listed specialist retail property firm, continues to achieve record results with 44.8 million visitors in 2023, up 6.4% on 2022, itself a historical high point for the company. In the period between April 2023 (the start of the firm's fiscal year) and February 2024, the number of visits to Castellana's shopping centres and retail parks rose by 5.1% compared to the same period of the previous year.

This upbeat indicator was matched by healthy growth in sales, up by 7.7% at year-end 2023 compared with the figure for year-end 2022 and by 6.3% between April 2023 and January 2024 when measured on a year-on-year basis. More specifically, the company's shopping centres enjoyed sales growth of 9.5% in 2023 compared to 2022, while retail parks saw a 3.6% rise.

In both cases, this exceptional performance surpassed even the record figures of 2022. The fastest-growing segments in 2023 in terms of sales were culture and technology (19.5%), health and beauty (14.2%) and food and beverage (12%). Meanwhile, fashion continued to go from strength to strength, with sales climbing by 8.5%.

Throughout the year, Castellana Properties continued its efforts to drive up its occupancy and collection ratios. At the end of February 2024, these stood at 98.9% and 99.1% respectively, placing the company well ahead of its market competitors. Demand for retail space has been growing steadily for some time. Between 1 April 2023 and 29 February 2024, the company signed a total of 162 lease agreements - 93 new contracts and 69 renewals - pushing up like-for-like rental income by almost 10%.

This outstanding performance is partly owed to a series of major initiatives undertaken in 2023. Vallsur shopping centre was the focus of a repositioning project, culminating in the launch of "La Chismería": a new leisure and dining zone located on the first floor. Three months after its grand opening in December, this new 2,000 sqm space has proved a resounding success, driving Vallsur's footfall back up to 2019 levels and stretching average dwell time by 7%. La Chismería's F&B brands are all trading above original projections, while restaurants on the second floor have been caught in the uplift, also reporting a boost in sales.

Meanwhile, a major value-add project at El Faro shopping centre is set to lock in its status as the no.1 retail destination in the region of Badajoz and Portuguese Alentejo. A total investment of €22.4 million will transform the centre's 17,800 sqm of GLA and is expected to raise net operating income by €2.5 million.

Altogether, these remarkable results confirm Castellana Properties as a leading name in the Spanish retail sector and a benchmark for the health of the market as a whole.


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Castellana Properties SOCIMI SA published this content on 26 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 March 2024 17:53:11 UTC.