Vukile boosts offshore exposure to 21% in R2.8bn Spanish retail park transaction

JSE-listed real estate investment trust (Reit) Vukile Property Fund has acquired a portfolio of nine newly built retail parks across Spain through its 98.3%-owned Spanish subsidiary Castellana Properties. Castellana will acquire the nine properties from Redevco Iberian Ventures, a joint venture between Ares and Redevco, for R2.8-billion.   The deal will increase Vukile’s diversification, boost its international exposure to around 21% of total property assets and grow its Spanish portfolio to 11 properties.    Speaking at a media briefing on Monday, CEO Laurence Rapp said the transaction has given Vukile immediate scale in Spain.