“The rise in interest rates has posed a challenge for the entire real estate sector." Débora Santamaría, councillor of Castellana Properties
In 2022, Castellana Properties -controlled by the South African group Vukile Property Fund- purchased 21.7% of Lar España for 93 million, a direct competitor, taking advantage of its strong discount to NAV. It then increased its stake to 28.8%, and in 2024 sold in the takeover bid, with a capital gain of around 70 million, after receiving nearly 40 in dividends. “We identified the right moment to rotate capital and reinvest”