An artist’s impression of Pinatar Park, recently acquired by Vukile, in San Pedro Del Pinatar, Murcia, Spain. Image: Supplied
JOHANNESBURG - VukIile, the listed real estate investment trust, has finalised the acquisition of two more prime retail parks in Spain for a total of R1.04billion.

The company said yesterday that Castellana Properties, its 98.3% owned subsidiary in Spain, had finalised the acquisition of the 25500m² Alameda Park for 54.6m and Pinatar Park for 10.7m.

These acquisitions follow Vukile reporting in July this year that it had acquired 11 Spanish retail parks for 193m via Castellana.

Laurence Rapp, the chief executive of Vukile, said yesterday that, from a zero-base six months ago, Vukile’s Spanish market exposure was now almost 300m.

“We are pleased with the good deal flow that Castellana is experiencing and how quickly its presence has been established in Spain’s retail market,” he said.

Castellana now has assets worth 290m, with about 91% of its portfolio by market value comprised of retail properties.

The portfolio currently has low vacancy levels at 0.5percent, excluding development vacancy at Kinepolis Leisure Centre, with about 94percent of its income from national tenants.

The portfolio has a long weighted average lease expiry profile of 17.5years.

Vukile last month reported that it planned to list Castellana Properties on the Madrid Stock Exchange by the middle of next year.

-BUSINESS REPORT