JSE-listed REIT Vukile, through its Spanish subsidiary Castellana, acquired the Forum Madeira shopping centre in Funchal, Madeira, Portugal, last year.
Vukile Property Fund has successfully raised R2.8 billion from the market through an accelerated bookbuild on the JSE to help fund its initial entry into the Italian commercial property market.
Vukile, a retail focused REIT with retail centres in South Africa, and in Spain and Portugal through its Spanish subsidiary Castellana, intends to acquire three shopping centres with a gross asset value of €115 million (about R2.2bn).
Vukile said in a statement it has a demonstrable track record of identifying mispriced assets and capitalising on opportunities. The company said Wednesday it remains encouraged by the pipeline it has identified, both locally and internationally.
In addition to the assets in Italy, the balance of the proceeds would provide the group with the optionality and financial flexibility required to continually evaluate value-enhancing opportunities and fund potential further pipeline in the near term. The equity raise was offered to qualifying investors.
