South African Portfolio
Positive trading performance through November and December 2025 have reinforced the portfolio’s sustainable growth and consistent value creation.
Turnover
November sales reflected continued growth, increasing by 2.4% relative to the prior year, growing off a high base (+10.0% in November 2024 vs November 2023). In December, the portfolio achieved significant growth, up by 4.5% in trading density, demonstrating positive festive trading performance over the period.
All four key segments of the portfolio showed strong growth over the festive season. Commuter centres outperformed, achieving an 11.1% increase in trading density. Value centres performed strongly with 8.0% growth, while township and rural centres, which together contribute roughly 60% of the portfolio’s total turnover, reporting increases of 3.7% and 2.7% respectively (versus 9.6% and 5.9% in December 2024). Urban centres delivered a 3.7% uplift.
Retail categories with the most significant turnover growth in December were women’s wear and footwear (+12.7%), fast food (+12.5%), cell phones (+9.9%), electronics (+8.7%), sports utilities/gyms and health & beauty (+7.9%), groceries (+4.9%), unisex wear (+3.3%), home furnishings (+3.8%), and sporting & outdoor goods (+1.7%). These increases demonstrate sustained momentum across both essential and discretionary retail.
In addition, Vukile’s recently acquired Chatsworth Centre reported a commendable performance, delivering 5.6% growth in December and 10.5% growth in November over the same months in the previous year, driven by strong Black Friday trading.
Footfall
November 2025 footfall remained stable while December 2025 footfall increased by 3.0% compared to December 2024. Commuter centres once again delivered standout performance, recording 10.4% growth in foot count.
Iberian Portfolio (Castellana Properties)
The Iberian portfolio also achieved robust performance in trading activity during November and December 2025.
Spain
Turnover
Sales increased by 7.3% in November 2025 compared to November 2024, with almost all retail segments achieving growth. Top-performing categories included fashion (+12.7%), health & beauty (+7.0%) and homeware (+6.5%).
December sales rose by 3.2%, with homeware leading (+10.3%), followed by health & beauty (+3.9%) and food (+3.6%).
Footfall
Shopper visits in Spain increased slightly by 0.9% in November 2025 compared to the previous November, with an 8.6% rise during Black Friday week. On Black Friday itself, Castellana’s Spanish shopping centres saw a noteworthy 13.1% boost in visits. Excluding Bonaire, which continues its recovery from the flooding event last year, the Spanish portfolio increased by 4% in November.
December 2025 footfall in the Spanish portfolio decreased slightly by 0.4%. However, when considering the full Christmas period (measured from 1 December 2025 to 6 January 2026), footfall increased by 2.0%. Excluding Bonaire, the Spanish portfolio increased by 4.3% in December.
Portugal
Turnover
November 2025 sales in Portugal increased by 9.5% year-on-year, with almost all categories showing improvement. Top performing categories feature Sports & Adventure (+18.6%), Fashion (+14.1%) and Food & Beverage (+11.6%).
December sales grew by 1.5%. Food & beverage was the top performer (+6.0%), followed by health & beauty (+4.2%) and leisure & entertainment (+2.9%).
Footfall
In Portugal, footfall increased by 5.3% in November 2025 compared to the previous year and by 0.2% over Black Friday week, though Black Friday itself saw a slight decline of 1.8%. In December 2025, footfall in the Portuguese portfolio mirrored the Spanish trend, declining by 0.4% compared to December 2024. However, excluding Alegro Sintra — the only Portuguese asset not managed by Castellana Properties — the portfolio would have achieved a 0.7% increase.