SHOPPING CENTRES DEAL
Vukile grows retail portfolio in Spain
The real estate investment trust closes weaker after saying it has bought two more shopping centres in Spain
Local real estate investment trust (Reit) Vukile Property Fund closed weaker on Wednesday, following an announcement that it was acquiring two more shopping centres in Spain. Vukile said it was set to buy the Alameda Shopping Centre and Retail Park in Pulianas, Granada for €54.5m and the Pinatar retail park in San Pedro del Pinatar for €10.7m. Vukile’s Castellana subsidiary, in which it holds a 98.3% shareholding, would conclude the transaction. Vukile announced in July that Castellana had acquired a portfolio of nine retail parks in a R3bn transaction and also established an in-country management team and operational platform. The acquisitions allowed Vukile, via Castellana, to leverage its operational platform and grow its Spanish portfolio of retail parks. The territories in which Castellana operates, continue to experience strong demand for space with limited prime retail park availability, which will enhance Castellana’s retail offering, Vukile said. Vukile was down 3.3% to R19...