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Vukile Property Fund has acquired a portfolio of nine newly built retail parks across Spain via its new 98.3% Spanish real estate investment trust (Reit) subsidiary, Castellana Properties.The R2.8bn (€193m) off-market transaction increases Vukile’s diversification, boosts its international exposure to 21% of total property assets, and grows its Spanish portfolio to 11 properties.Vukile said the transaction gave it "immediate scale in Spain". Vukile now offers the most focused exposure to Spanish property available in the South African Reit market.The acquisition represents a 6.2% pre-geared property yield and, Vukile said, reaffirms its expectation of a 7%-8% increase in dividends in the current financial year, ending March 31 2018.Vukile CEO Laurence Rapp said the deal gave traction to Vukile’s holistic investment strategy in the developed markets of western Europe. It set Vukile apart from other South African Reits, many of which had focused their international expansion on easter...

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