Vukile offers €469M for four Unibail Rodamco properties

South African REIT, Vukile, continues to invest in the Spanish real estate market which returned to growth in 2014. Their latest acquisition includes 4 shopping centres located in the cities of Seville, Valladolid, Badajoz and Cadiz adding 121,369m² of GLA to their portfolio. Two of the schemes will become their largest individual assets in Spain: El Faro in Badajoz of which they will own 43,423m² of GLA, and Vallsur Shopping Centre in Valladolid which has a GLA of 35,211m² .

Brothers Chad & Lee Morze, Vukile’s lead investment partners in Spain, created Morzal Properties Iberia, a separate vehicle to acquire four shopping centres from European retail giant Unibail-Rodamco-Westfield for €469M.

Vukile’s 98% owned Spanish REIT, Castellana Properties, will acquire the assets after it has listed on the Madrid Alternative Stock Market next week. As the listing process had precluded it from being party to acquisitions, it had to list first before it bought the assets.

According to Laurence Rapp, Vukile‘s CEO, the diversified real estate group expects to more than double its exposure to Spain with this acquisition and consolidate its position as the only South African property company invested in Europe’s fourth-largest economy. The REIT’s Spanish portfolio will be worth close to €900M this transaction is completed.

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