Vukile Property Fund Limited, a JSE-listed REIT specializing in retail properties primarily in South Africa and Spain (via subsidiary Castellana Properties), has been active in capital rotation, acquisitions, and disposals during the past year.
Here is a comprehensive list of all confirmed deals and acquisitions from February 2025 to early February 2026.
April 2025: Acquisition of Forum Madeira Shopping Centre (Portugal)
- Type: Property acquisition.
- Details: Vukile acquired the 18,000 m² Forum Madeira shopping centre in Funchal, Madeira (Portugal), anchored by tenants like FNAC and Zara. This enhances its Iberian portfolio with a dominant regional mall.
- Value: €63 million (approximately R1.2 billion), at a 9.5% yield.
- Rationale: Part of ongoing Iberian growth strategy; fully funded and accretive to earnings.
- Status: Completed in April 2025 (announced in half-year results on 26 November 2025).
- Source: Vukile half-year results and news reports.
October 2025: Capital Raise via Accelerated Bookbuild
- Type: Equity capital raise (not an acquisition, but a funding deal enabling subsequent transactions).
- Details: Issued new shares to raise capital for Iberian and South African acquisitions.
- Value: R2.65 billion.
- Rationale: To fund value-add investments, including pipeline shopping centre deals; proceeds redeployed into fully funded opportunities.
- Status: Completed in October 2025.
- Source: Company announcements and media.
November/December 2025: Acquisition of 50% Stake in Chatsworth Centre (South Africa)
- Type: Partial property acquisition.
- Details: Acquired a 50% stake in the 42,400 m² Chatsworth Centre, a dominant township mall in KwaZulu-Natal, South Africa, from Sanlam (which retains 50% co-ownership). The centre serves a high-density community with strong tenant mix.
- Value: R620 million investment by Vukile, at an 8.75% yield.
- Rationale: Strategically aligned with Vukile’s focus on resilient township and rural retail; enhances South African portfolio performance.
- Status: Announced 26 November 2025; transfer expected December 2025.
- Source: Vukile half-year results SENS and press releases.
December 2025: Acquisition of 35% Stake in Pradera Limited (International)
- Type: Strategic equity stake in asset manager.
- Details: Acquired a 35% stake in Pradera Limited, a UK-based specialist retail property fund and asset manager with operations across the UK, Europe, China, and the Middle East. Pradera’s leadership also bought a 14% stake for alignment.
- Value: Not publicly disclosed, but part of broader European expansion.
- Rationale: Ramps up on-the-ground capabilities for further European push; leverages Pradera’s 25-year track record in retail management.
- Status: Effective 18 December 2025.
- Source: Company news and industry reports.
January 2026: Disposal of Spanish Retail Parks Portfolio
- Type: Property disposal (sale).
- Details: Through 99.7%-owned subsidiary Castellana Properties, sold a portfolio of nine retail parks across Spain to Ferrel SPV 2025 (linked to Ares Management).
- Value: €279 million (approximately R5.3 billion), at a 7.1% yield.
- Rationale: Capital rotation to exit lower-growth assets (grown 13% since acquisition) and redeploy into higher-growth Iberian shopping centres; accretive disposal with gains realized.
- Status: Announced 28 January 2026; closing date 1 April 2026 (no impact on FY2026 guidance).
- Source: SENS announcements, company press releases, and media.
January/February 2026: Acquisition of Berceo Shopping Centre (Spain)
- Type: Property acquisition.
- Details: Acquired the 31,000 m² Berceo Shopping Centre in Logroño, northern Spain, a dominant mall with 100 shops, anchored by Carrefour and Inditex brands.
- Value: €101 million (approximately R1.9 billion), cash-funded with €50 million local debt.
- Rationale: First step in redeploying proceeds from the retail parks sale; boosts Iberian shopping centre focus with a high-performing asset in an underserved market.
- Status: Announced 2 February 2026; effective 30 January 2026.
- Source: SENS filings and company news.
Vukile has indicated an active pipeline for additional Iberian shopping centre acquisitions (using remaining disposal and capital raise proceeds), expected to close by mid-2026, but no further specifics were announced by early February 2026.
The company upgraded its FY2026 guidance in November 2025, citing strong portfolio performance and these strategic moves.