March 19 2026 22:40
Vukile Property Fund (JSE: VKE) said its 99.7% owned subsidiary Castellana Properties will acquire a 50% stake in the Splau Shopping Centre in Barcelona, Spain, advancing its strategy of investing in dominant, high-performing retail assets, it said,
The 50% stake in Splau will be bought from Unibail-Rodamco-Westfield (URW), the owner, developer and manager of high-quality, sustainable real estate assets in Europe and the United States. Structured as a 50:50 joint venture, the transaction is the third between Unibail-Rodamco-Westfield (URW), Castellana and Vukile, and marks the beginning of a long-term partnership as co-owners of Splau. Unibail-Rodamco-Westfield (URW) will continue to oversee the day-to-day management of the shopping centre, while a joint asset management forum will provide strategic direction, ensuring long-term value creation.
Splau Shopping Centre is valued at €350m with Castellana’s 50% stake worth €175m. The transaction will be earnings accretive for Castellana. The acquisition will be fully funded through existing cash resources, with completion expected before the end of April 2026.
Acquiring Splau continues Vukile’s capital recycling strategy into high quality, higher-growth retail assets in Spain, it said. In 2026 so far, it has completed the sale of its portfolio of nine retail parks in Spain for €279m, a landmark acquisition of the Berceo shopping centre in Logroño for €101m and the acquisition of Islazul shopping centre in Madrid for €318m.
Castellana’s portfolio ranks among the strongest in Iberia and includes assets in all three of Spain’s largest cities Madrid, Barcelona and Valencia, the group said.
Laurence Rapp, CEO of Vukile Property Fund said: “This acquisition reflects our continued confidence in Spain’s retail real estate market and our ability to secure dominant assets with strong fundamentals and growth potential. We are particularly pleased to carry out this transaction alongside our esteemed partner Unibail-Rodamco-Westfield (URW).
Barcelona, Spain’s second largest city is one of the most visited cities in the world, drawing around 20-million tourists annually.
Splau is positioned in Cornella de Llobregat at Barcelona’s southern gateway and offers access to a dynamic and expanding catchment area. It holds a large market share in its catchment of about 1-million people and is easily accessible by multiple public and private transport modes with a highly desirable and convenient location next to RCDE Stadium, home of RCD Espanyol.
Opened in 2010, the centre comprises a mix of 151 stores, serving Barcelona and its surrounds. The comprehensive Splau shopping experience features leading Inditex brands including Zara, Lefties, Stradivarius, Bershka and Pull&Bear, along with other top brands such as Primark, Fnac, Mercadona, Media Mark and JD Sports. A highlight is its popular food and leisure attractions with more than 36 restaurants, a bowling alley and Spain’s largest cinema.
The centre offers value-add potential through tenant mix improvements, expanding food and beverage options, and development projects linked to local population growth and CSR initiatives.
Vukile’s Iberian platform, which launched in the Spanish market through Castellana Properties, has evolved into a curated portfolio of dominant shopping centres across Spain and Portugal, with a strategy centred on dominant retail assets in strong catchments, resilient tenant demand and diversified income streams emanating from blue-chip tenants, and clear growth prospects through repositioning or value-creation opportunities.
Following the disposal of the retail parks and the acquisitions of Berceo, Islazul and Splau, Castellana Properties’ portfolio will comprise 15 assets across Spain and Portugal, with a total GLA of 594,420m2 and a total portfolio value approaching of €2.2bn.
“Our asset rotation in Spain reinforces Vukile’s disciplined approach to capital allocation. Vukile will continue to pursue a disciplined pipeline of accretive acquisition opportunities, supported by our established platform and partnerships, our specialist retail expertise and strong access to capital and deal flows,” said Rapp.
alistair@propertyflash.co.za
