Castellana Properties quadruples profits to €91 million

Real estate investment company Castellana Properties, which entered the Portuguese market last year, more than quadrupled its profits for the 2025 tax year from €22.4 million to €90.8 million.

The shopping centres that the company has in Portugal in São João da Madeira, Seixal, Loures, Sintra, and Funchal contributed to the growth in results.

Castellana Properties announced on Thursday that sales at its shopping centres had risen by 5.5%, above its results for shopping centers in Spain, while footfall was up 2%.

According to the listed Spanish company controlled by the South African Fund Vukile, “all of its assets in Portugal” were “in line with or exceeded expectations”.

Castellana has invested over €325 million in Portugal over the last year. In terms of leasing, it made €3.8 million of which €2.3 million went on renovations and contracts and €1.5 million on new contracts.

At a press conference presenting the results, the CEO of Castellana Properties, Alfonso Brunet, and the CFO, Debora Santamaría said that the company was carrying out a strategic renegotiation of lease contracts “to align with current market conditions”, in addition to investing in enhancing its commercial mix – 33 rental contracts signed since October 2024 – to boost footfall, increase the amount of time customers linger in the shopping centres, and boosting sales.

Last year, the shopping centres that Castellana Properties has on the Iberian Peninsula received almost 90 million visits, with sales growing 3.7% year-on-year and retail parks registering higher sales (+6.5%).

Contributing to these results were the main categories in the portfolio, namely household items (+6.1%), health and beauty (+5.1%), food and beverages (+4.8%), leisure and entertainment (+3.5%) and fashion (+2.9%).