South African company buying iconic international mall in deal worth R1.7 billion
JSE-listed Vukile Property Fund, via its subsidiary Castellana Properties, is buying a 50% stake in Splau Shopping Centre in Barcelona, Spain, for around R1.7 billion.
Castellana will acquire the stake from Unibail-Rodamco-Westfield SE (URW), which is based in Paris, France and listed on the Euronext Paris.
Vukile said that the deal offers Castellana the opportunity to acquire a share in another iconic, prime shopping centre in Spain.
“Splau is strategically positioned at Barcelona’s southern gateway and offers access to a dynamic and expanding catchment area,” it said.
“Splau boasts an unparalleled retail hub and brand portfolio, featuring both international and local tenants paired with exceptional leisure and dining experiences.”
Vukile added that the property offers a strong financial profile, with a clear growth trajectory, proven resilience across cycles, and consistently strong and stable operating performance.
Barcelona is the second-largest city in Spain and attracts around 20 million tourists each year.
The deal also allows Vukile and Castellana to build on their existing long-term partnership with URW, with the French company still overseeing the day-to-day management of the shopping centre.
The centre opened in 2010 and has a total gross lettable area of 54,689 sqm with 151 stores. It has a catchment area of around 1 million people and attracts an annual footfall of about 10 million.
The mall benefits from its wide variety of stores, entertainment options, and its convenient location adjacent to the RCDE Stadium, home of Real Club Deportivo Espanyol, a La Liga club.
The property has easy access via private and public transportation, and the centre offers a complete, diversified retail offering with strong food and beverage and leisure concepts.
The mall has 36 different restaurants, a bowling alley and the largest cinema in Spain. Fashion brands include Zara, JD Sports, Bershka, Mercadona, Primark and many more.
Vukile said the property offers strong value-add potential through various asset management initiatives, including the completion of the food and beverage offering.
The mall could also benefit from optimising its tenant mix and capitalising on the densification of its catchment area.
The deal’s structure
The effective date of the deal is anticipated to be towards the end of April.
While the mall has a gross asset price assigned to 100% of the property of EUR350 million (R6.7 billion at current exchange rates), Castellana will only pay EUR89,250,000 (R1.7 billion) for the 50% share.
The purchase consideration is payable on the closing date, and was calculated based on the Agreed Asset Value, less a new mortgage loan of EUR171.5 million (R3.2 billion).
“The transaction will be earnings accretive for Castellana. The share purchase agreement includes market-standard warranties, indemnities and undertakings for a transaction of this nature,” said Vukile.
South African company buying iconic international mall in deal worth R1.7 billion
Castellana will fund the Purchase Consideration through its existing cash resources.
| Property name | Geographical location | Sector | GLA (m2) | Purchase Consideration for Castellana’s share in the Property (EUR) | Value attributed to 100% of the Property at 29 January 2026 (EUR) |
| Splau Shopping Centre | Barcelona, Spain | Retail | 54 689 | 89 250 000 | 350 105 443 |
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