Vukile Property Fund is backing its Spanish portfolio to drive its returns over the next few years, saying its success there in just less than a year has been “monumental”, with the country being the world’s second-most popular tourist destination. The company, which released financial results for the year to March on Wednesday that were slightly ahead of expectations, has exposure to Spanish retail assets worth €400m and is the only South African property group with significant exposure to Europe’s fifth-biggest economy.

The Spanish shopping centres in which it was invested were mostly located in coastal towns frequented by tourists from Nordic countries and Germany, said Alfonso Brunet, MD of Vukile’s Spanish partner, Castellana Properties. Vukile CEO Laurence Rapp said the group would continue to invest capital in Spain and in SA depending on the attractiveness of deals. There was no limit on how much offshore exposure Vukile would have, he said. The company was not concern...

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