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VUKILE PROPERTY FUND LIMITED - Castellana acquisition of Puerta Europa Shopping Centre

Release Date: 01/08/2019 11:55
Code(s): VKE     PDF:  
Wrap Text
Castellana acquisition of Puerta Europa Shopping Centre

(Incorporated in the Republic of South Africa)
(Registration number 2002/027194/06)
JSE share code: VKE NSX share code: VKN
ISIN: ZAE000180865
(Granted REIT status with the JSE)


Shareholders are advised that Vukile's subsidiary Castellana Properties Socimi S.A. ("Castellana"), in which
Vukile currently has a 72,1% shareholding, has completed the acquisition of an immovable property and rental
enterprise known as Puerta Europa Shopping Centre ("Puerta Europa") from Ionia Invest S.L. (the "vendor")
for a purchase consideration (excluding transaction costs) of €56.8 million (the "purchase consideration") ("the

The vendor is directly owned by Varde Partners, a global investment advisor focussed on investing capital and
resources across multiple segments and markets.

The purchase consideration and the transaction costs will be settled through a combination bank funding secured
by Castellana at a loan-to-value ratio of 40% and equity provided by Vukile from existing resources.

Puerta Europa is a high quality dominant 29 757m2 modern shopping mall located in the industrial port city of
Algeciras, Cadiz, Spain. It comprises two floors with 97 retail units. The ground floor has a total GLA of
15 441m2 and is occupied by general retail, fashion and services including a newly refurbished Mercadona. The
first floor has a total GLA of 14 316m2 and offers a strong fashion mix, led by Primark, Zara and Lefties and a
dedicated leisure and restaurant area including the recently completed Yelmo Premium 10-screen cinema. Puerta
Europa benefits from a strong and growing catchment area and is the dominant shopping centre in Algecircas.

The acquisition is aligned with Castellana's strategy of purchasing dominant centres in regional cities and will
complement Castellana's retail portfolio and geographical footprint. Puerta Europa offers low rents relative to
market and strong sales ratios, presenting opportunities for NOI growth in the medium to long term

The acquisition by Castellana is not a categorisable transaction for Vukile in terms of the JSE Listings
Requirements and the disclosures provided in this announcement are voluntary and for information purposes

1 August 2019

Corporate Advisor and JSE sponsor                 NSX sponsor
Java Capital                                      IJG Securities (Pty) Ltd

Date: 01/08/2019 11:55:00
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