Castellana Properties Socimi SA started trading its shares, which had an IPO price of €6.00 apiece, on the Mercado Alternative Bursatil of the Spanish bourse July 25.

Upon its listing, the Spanish retail-focused real estate investment trust had a market cap of €204 million and a 15-property portfolio with a gross asset value of €391 million. The portfolio has a gross leasable area of 197,132 square meters and has a vacancy rate of 3.3%. About 93.4% of the portfolio is made up of shopping centers and other retail assets in Spain.

Castellana is also set to take ownership of four Spanish shopping centers owned by Unibail-Rodamco-Westfield SE.

The REIT is a 98%-owned subsidiary of South African REIT/real estate investment manager Vukile Property Fund Ltd. The newly listed company makes up 21% of Vukile's total assets, as at March 31.