Ashurst with Castellana on 50% acquisition of Splau shopping centre
Castellana Properties, a listed company specialising in the acquisition and management of shopping centres and retail parks in Spain and Portugal, has reached an agreement with Unibail-Rodamco-Westfield (URW), owner and operator of a unique portfolio of urban retail assets, to acquire 50% of the company that owns the Splau shopping centre, valued at €350 million, in Cornellà de Llobregat (Barcelona).
The final purchase price amounts to €89.2 million for the 50% stake in the property-owning company, and the transaction is expected to close before the end of next April. The transaction involved Ashurst as legal advisor to Castellana Properties, as well as Marsh, Hill International and RPE Capital Markets as financial advisers.
The asset is valued at €350 million and, following this transaction—structured as a 50:50 joint venture—URW will continue to manage the shopping centre as it has to date. The deal reinforces Castellana Properties’ strategy of expansion and geographic diversification, focused on dominant assets within their catchment areas.
Splau offers 56,000 sqm of gross lettable area (GLA) and 151 stores, with an occupancy rate of 99.3%. The centre recorded close to 10 million visits in the past year and has a catchment area of more than 5 million people, in addition to the millions of tourists who visit Barcelona each year.
The centre comprises international and local operators, including Primark, Fnac, several Inditex group brands such as Zara, Bershka, Stradivarius and Lefties, Mercadona, Media Markt, and fashion brands such as Pull&Bear and JD Sports. Splau also includes more than 36 dining outlets and 11,000 sqm dedicated to leisure.
On the Ashurst side, the advisory team was led by Ismael Fernández Antón (partner, real estate, pictured), with Javier Hernández Galante (partner, tax), Tannia Rodríguez (counsel, corporate M&A), Jorge Ramírez (counsel, tax), Sara Izquierdo (senior associate, real estate), María Antonia de Prada (senior associate, real estate), María López Garayalde (associate, corporate M&A), Carlos Campón (associate, tax), Julia Lorenzo (associate, real estate) and Paula Heredero (junior associate, real estate).
