Unibail-Rodamco-Westfield (URW) today announces an agreement to sell Bonaire, an open air shopping
centre1 located in Valencia (Spain), to Castellana Properties, the Spanish subsidiary of Vukile Property
Fund (“Castellana”), for a disposal price of €305 Mn at a premium to the last unaffected book value. The
transaction is expected to be completed in March 2025.
The asset reopened on February 13, 2025 following the flooding in the Valencia region in October 2024.
The common areas and the retail units on the ground floor, impacted by the flooding, have been totally
refurbished, with some tenants taking this opportunity to open new concepts and upgrade their stores.
As at today, the asset occupancy ratio2 stands at c. 98%, with c. 80% of stores2 that have already reopened
or are expected to open before the end of March.
As part of the agreement, URW granted Castellana Properties an 18-month NOI guarantee with a cap of
€32.9 Mn to cover the stabilization period. Given the strong occupancy levels, only a marginal portion of
this guarantee is expected to be utilised.
With this transaction, URW has now completed or secured €0.9 Bn of transactions in 2025