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Vukile Property buys Spanish shopping center for €81M

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Vukile Property buys Spanish shopping center for €81M

Castellana Properties Socimi SA, part of South Africa-based Vukile Property Fund Ltd. is acquiring the Habaneras Shopping Centre in Alicante, Spain, from Heref Habaneras Socimi SA for €80.6 million.

The recently renovated property, which spans a gross lettable area of 24,158 square meters, has a weighted average lease term of 6.1 years to expiry and 3.8 years to the next breaks.

Castellana plans to enhance the property by increasing its lettable area and adding leisure and experience space, among other things.

The purchase price corresponds to the property's fair market value as of Jan. 23 as determined through an independent valuation, Vukile said in a release.