Vukile Property Fund has gained a foothold in Spain before any other property fund has even dipped its toes in this recovering European economy. Fund managers had waited patiently for Vukile, which listed in 2004, to create an offshore arm in a meaningful market. Then, in July 2017, it began to roll out an aggressive investment strategy and now owns assets worth €400m in Europe’s sixth-largest economy. On Thursday, Vukile announced its latest acquisition in the Iberian state — the purchase of Habaneras, its first fully fledged Spanish shopping centre. It is in the coastal city of Torrevieja and has been acquired through Vukile’s 98.7%-owned Spanish real estate investment trust subsidiary, Castellana Properties. Vukile entered the Spanish retail property market in July 2017, announcing it had acquired 11 Spanish retail parks for €193m via Castellana and then went on to complete the acquisition of another two retail parks in December for €70m. Vukile CEO Laurence Rapp said the Spanish...
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