JSE-listed REIT Vukile, through its Spanish subsidiary Castellana, owns the Forum Madeira shopping centre in Funchal, Madeira, Portugal. The REIT is now also expanding into Italy.
Vukile Property Fund exceeded guidance for the year to March 31, significantly increased the valuations of its assets, strengthened its Iberian portfolio and is taking its first deliberate steps into Italy.
The specialist retail real estate investment trust (REIT) delivered 9.3% per share growth for the past financial year in both funds from operations and dividends.
"Operational excellence, value-add projects, key acquisitions in core markets, and strategic deals in new territories collectively played a pivotal role in delivering results ahead of guidance,” said Vukile CEO Laurence Rapp.
Through its 99,7%-owned Spain-based subsidiary Castellana Properties, Vukile has a €2.2 billion (around R41 billion) portfolio across Spain and Portugal. During the year, it acquired a 35% stake in Pradera, the pan-European retail fund and asset manager with €5bn of assets under management.
