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Vukile Property unit acquires 2 Spanish retail parks for €65M

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Vukile Property unit acquires 2 Spanish retail parks for €65M

Vukile Property Fund Ltd. unit Castellana Properties Socimi SA made payments worth approximately €54.6 million and €10.7 million to purchase two Spanish retail assets.

The larger of the two property deals was with Alvores Investments S.L. for its Alameda Shopping Center and Retail Park in Granada. The tenants at Alameda, which is 88% leased for a weighted average term of 17.2 years, include Decathlon, Mercadona and Maisons du Monde. Its 25,456 square meters of gross leasable area generates a weighted average monthly rent equivalent to €10.97 per square meter.

Additionally, the unit purchased the Pinatar Park retail asset in San Pedro del Pinatar from Euro-Activ Promociones Integrales De Proyectos Comerciales SL & CIA. S.Com. The retail park's 10,637 square meters of gross leasable area is anchored by retailers that include AKI, Economy Cash and Jysk. The retail park raises €6.25 per square meter as weighted average monthly rent and has a weighted average lease expiry of 25.7 years.

Castellana also signed a roughly €3.6 million forward purchase agreement for Euro-Activ's 2,750-square-meter development project next to the Pinatar Park.