Vukile likely to appear on more investors' radars
Property counter building on Spanish attraction
Real estate punters looking to share in the upside offered by Spain’s economic recovery now have another route into the country via Vukile Property Fund. Until now, investors who wanted exposure to Spain’s retail property market via the JSE could obtain it through three offshore counters: Intu Properties, Hammerson, and Schroder European Real Estate Investment Trust. However, the Spanish exposure of all three of these funds represents a fairly small portion of overall assets. In contrast, Vukile has identified Spain as a key growth destination through a tie-up with Castellana Properties, founded in Spain two years ago by SA property entrepreneur Lee Morze, who is now based in Madrid. Vukile is the only SA-based property counter that has to date ventured into Spain. In December, it invested R200m in Castellana, which at the time owned two Spanish call centres. Then, earlier this week, it bumped up its investment in the company to a substantial R3bn following the acquisition of nine r...
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