Castellana Properties closed the FY26 financial year with a record net profit of €167.8 million, 85% higher than the previous year, and EBITDA in excess of €100 million, representing growth of 63%.
The company ended the period with a portfolio valued at €1,961 million at the end of the financial year; however, following transactions completed subsequently – including the purchase of Islazul and 50% of Splau, and the sale of its retail park portfolio – the gross value of its assets now stands at €2,201 million.
The financial year has been characterised by a transformation of the portfolio through transactions totalling nearly €1,000 million over the last fourteen months. The SOCIMI completed acquisitions in Madrid, Barcelona and Logroño, while divesting its retail park portfolio. As a result, Castellana Properties’ current portfolio comprises 15 assets, with a gross lettable area of 595,469 sqm.
The company has combined this investment activity with an improvement in its key operating indicators. Gross rental income grew by 6.2% on a like-for-like basis, while NOI increased by 7.9% like-for-like. In absolute terms, NOI exceeded €116 million, representing a 56% increase on the previous financial year.
The comparable value of the portfolio rose by 8.9%, the highest growth recorded by the company in the last six years, according to figures presented by Castellana. This performance is attributable to operational improvements in the assets and a slight compression in valuation yields. The company also closed the financial year with an EPRA NTA of €1,124 million, equivalent to 7.64 euros per share, 24% higher than a year earlier.
The financial year also saw the company achieve investment-grade status from Fitch Ratings. The agency upgraded Castellana Properties’ credit rating to BBB, with a stable outlook, citing the portfolio’s diversification, lower tenant concentration, financial discipline and the company’s ability to generate value.
