Castellana Properties obtained a net profit of 16.96 million euros between April and September 2021, compared to the losses of 18.88 million in the same period last year, thanks mainly to the increase in its income and the revaluation of its portfolio, as reported by the Socimi to BME Growth on Thursday.
Regarding rental income, they rose 62.5%, to 37.22 million euros. In addition, the “variation in the fair value of real estate investments” went from -21.2 million in the first half of the 2020-2021 financial year to the positive 927,000 euros this year.
Specifically, the market value of the portfolio of the company specialized in the purchase, management and rehabilitation of assets in the ‘retail‘ sector reached 976.5 million at the end of last September, according to the appraisal of the real estate consultancy Colliers.
Thus, the operating profit of Castellana Properties stood at 23.6 million euros in its first fiscal semester, compared to losses of 12.56 million in the same six months of last year.
Alfonso Brunet, CEO of the company, said that “we are very proud to announce these positive results for the company. They have been difficult months for everyone, but we can now announce that we have reached pre-pandemic figures, which once again shows the strength of our portfolio and the resilience and potential of the sector. Castellana Properties' assets are 100% 'retail' after the recent sale of two office buildings, which reinforces our solid commitment to the sector," he added.
Inflows, sales and rentals
In September, compared to the same period in 2019, 97% of the visits received at that time in Castellana Properties shopping centers and parks were recovered, and sales even exceeded pre-pandemic levels.
Regarding rentals, in the last six months, the group has signed more than 20,500 sqm of surface in a total of 94 operations, 66 new contracts and 28 renewals.
Currently, the firm has 16 assets between parks and shopping centers, whose gross leasable area is 350,271 sqm.
Six million dividend
On the other hand, the board of directors of Socimi Castellana Properties has agreed to approve the distribution of an interim dividend for the year ended March 31st for the amount of six million euros gross.
Likewise, the board has set the dividend to be paid on November 26.