Castellana Property, a Spanish REIT backed by South-Africa listed Vukile Property Fund, is buying the Alameda shopping centre and retail park and the San Pedro del Pinatar retail park for €65.2 mln.
The vendors were Alvores and Activ-Group respectively.
Vukile, which is the only Johannesburg-based REIT with a significant exposure to Spain, owns a 98.3% stake in Castellana. Following the acquisitions, Vukile’s shareholding in Castellana will increase to 98.7%.
Alameda Park comprises a shopping centre and retail park with a total GLA of 25,456 m2. According to Vukile, it represents a complimentary tenant mix to its other locally owned asset, the Kinepolis Retail Park and Leisure Centre, also in North Granada.
Alameda has a strong national tenant component of 88%, including Decathlon, Mercadona and Maisons du Monde and a weighted average lease expiry of 17.2 years. The purchase price is €54.5 mln.
Pinatar Park is a newly built modern retail park with a total GLA of 10,637m². The centre is anchored by retailers on long leases including AKI, Economy Cash and Jysk and has a weighted average lease expiry of 25.7 years. Pinatar Park stands adjacent to the Dos Mares shopping centre which allows it to benefit from the footfall generated by the mall. The price is €10.7 mln.
The deal for Pinatar Park comprises the existing retail park (Phase I) and an adjacent vacant plot of land, on which a 2 750 m2 extension (Phase II) and an additional 80 parking spaces will be developed by Activ-Group.
In July 2017, Vukile announced the acquisition by Castellana of a portfolio of nine retail parks and the establishment of a strong in-country management team and operational platform. Vukile said that the latest acquisitions allowed the firm, via Castellana, to leverage its operational platform and grow its Spanish portfolio of retail parks.
