Vukile Property Fund increases share sale to R700m
The group will use the proceeds to invest in Spain, where it has a property portfolio worth more than €900m
Vukile Property Fund has increased the value of its share sale, which is aimed at funding investments in Spain, to R700m because of “strong demand”. The property group said earlier on Wednesday that it wanted to raise R400m by issuing new equity. “The proceeds of the capital raise are to be deployed to fund asset management opportunities within the portfolio held via Vukile's Spanish subsidiary, Castellana Properties Socimi,” it said. Vukile said in its initial statement that the book-build was open with immediate effect. It could close it at any time and increase the size of the equity raise “subject to demand”. Vukile is on track to build a portfolio valued at €1.5bn in Spain, after which time it plans to separately list that business. The group’s property portfolio in the European country is valued at more than €900m. It first invested in Spain in July 2017, when it bought a portfolio of nine newly built retail parks via its 98.3% holding in Castellana Properties Socimi for €193m...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.