Castellana Properties has signed a mortgage financing agreement with Aareal Bank for an amount of 185 million euros, a duration of seven years and a 'loan to value' leverage of 49%.
This operation allows the shopping center Socimi controlled by Vukile to improve its amortization schedule, lengthening the average maturity of the debt from 3.5 to five years.
Specifically, this agreement will allow it to refinance the syndicated loan linked to the portfolio of retail parks and the Habaneras shopping center in Alicante, as well as to obtain resources to face the second phase of the Pinatar Park retail park in Murcia.
According to the latest data presented by the company at the end of last September, it has maintained the occupancy ratio of its portfolio above 97%, which is considered full occupancy, the collection rate exceeds 95% and gross rental income has exceeded pre-pandemic levels, with an increase of 5.7%.
The firm recently resumed its investment program with a strictly financial operation: the acquisition of a 21.7% stake in Lar España, becoming the Socimi's largest shareholder, only behind Grupo La. This company has 14 shopping centers and parks in Spain.
