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19 Mar 2026

Ashurst advises Castellana on 50% acquisition of Splau shopping centre

"Ashurst advised Castellana Properties on the acquisition of a 50% stake in the company owning the Splau shopping centre from Unibail-Rodamco-Westfield (URW). Castellana will pay €89.2m for the stake in a transaction valuing the asset at €350m; Marsh, Hill International and RPE Capital Markets acted as financial advisers."

Ashurst acted as legal adviser to Castellana Properties in the transaction; Marsh, Hill International and RPE Capital Markets served as financial advisers to Castellana. Unibail-Rodamco-Westfield (URW) was the seller. Castellana Properties, a listed company specialising in the acquisition and management of shopping centres and retail parks in Spain and Portugal, has agreed with URW to acquire 50% of the company that owns the Splau shopping centre in Cornellà de Llobregat (Barcelona). The asset is valued at €350 million and the final purchase price for the 50% stake in the property-owning company amounts to €89.2 million. The transaction is expected to close before the end of next April. The deal is structured as a 50:50 joint venture under which URW will continue to manage the shopping centre. Castellana Properties has stated that the acquisition reinforces its 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 serves a catchment area of more than 5 million people, in addition to the millions of tourists who visit Barcelona annually. Tenants include Primark, Fnac, several Inditex brands (Zara, Bershka, Stradivarius and Lefties), Mercadona, Media Markt, Pull&Bear and JD Sports. The centre also comprises more than 36 dining outlets and approximately 11,000 sqm dedicated to leisure. Ashurst represented Castellana Properties with a team composed by: Ismael Fernández Antón (partner, real estate), 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).
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