Property company Dospuntos, controlled by Värde Partners, has sold Puerta Europa shopping center for €56.8 million to Castellana Properties SOCIMI, the Spanish subsidiary of South African REIT Vukile.
Vukile aims to increase its Spanish asset base to €1.5bn in its 2020 financial year. Currently, nearly 49% of Vukile’s portfolio is overseas, with the remainder in South Africa.
The African property fund plans to generate new capital by offloading its stakes in JSE-listed landlords Atlantic Leaf Properties which owns logistics assets in the UK and Gemgrow Properties which owns a range of properties in Africa. Vukile also owns five malls in Namibia, worth about €63 million.
Algeciras’ strategic location on the strait of Gibraltar, makes it the nº1 port in Spain and the the area itself benefits from two major economic drivers: the port and the booming low-tax economy of the British colony of Gibraltar – the last colony in Europe.
Puerta Europa has a gross leasable area (GLA) of 29,730 m² and has a well-balanced tenant mix with fashion, accessories, restaurants and leisure brands. Anchors include Zara, Primark, H&M, Mercadona, Yelmo, Foster’s Hollywood, Burger King amongst others.
Cushman & Wakefield’s capital markets team advised the vendor whilst the buyer was advised by Retail Partners Europe (RPE).