Castellana Properties sells two office buildings for €26,5M

Castellana Properties sells two office buildings for €26,5M

Castellana Properties has reached an agreement with a European fund for the sale of its two office assets located in Madrid and Seville. This transaction, which has been signed for a value of 26.5 million euros, is part of the firm's strategy of divesting non-strategic assets in order to become a socimi focused on retail and continue investing in its core assets.

The buildings, located in Alcobendas (Madrid) and Bollulos de la Mitación (Seville), have a total gross leasable area (GLA) of 21.357 sqm. Castellana Properties owned 16.744 sqm and 316 parking spaces.

These offices, which have been part of Castellana Properties' asset portfolio since the company's inception, have as their sole tenant Konecta, a national company specializing in integrated solutions based on customer experience.

«The sale of these assets positions us as a pure retail player dedicated exclusively to this type of business. This agreement confirms our confidence in the sector and gives us greater flexibility to be able to allocate these revenues to projects that continue to increase our profitability, the quality of our shopping centers and retail parks and to analyze new business opportunities», said Alfonso Brunet, CEO of Castellana Properties.

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