{"id":854245,"date":"2026-03-18T13:00:00","date_gmt":"2026-03-18T11:00:00","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=854245"},"modified":"2026-03-18T11:39:22","modified_gmt":"2026-03-18T09:39:22","slug":"south-african-company-buying-iconic-international-mall-in-deal-worth-r1-7-billion","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/property\/854245\/south-african-company-buying-iconic-international-mall-in-deal-worth-r1-7-billion\/","title":{"rendered":"South African company buying iconic international mall in deal worth R1.7 billion"},"content":{"rendered":"\n

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.<\/p>\n\n\n\n

Castellana will acquire the stake from Unibail-Rodamco-Westfield SE (URW), which is based in Paris, France and listed on the Euronext Paris.<\/p>\n\n\n\n

Vukile said that the deal offers Castellana the opportunity to acquire a share in another iconic, prime shopping centre in Spain.<\/p>\n\n\n\n

“Splau is strategically positioned at Barcelona’s southern gateway and offers access to a dynamic and expanding catchment area,” it said. <\/p>\n\n\n\n

“Splau boasts an unparalleled retail hub and brand portfolio, featuring both international and local tenants paired with exceptional leisure and dining experiences.” <\/p>\n\n\n\n

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.<\/p>\n\n\n\n

Barcelona is the second-largest city in Spain and attracts around 20 million tourists each year.<\/p>\n\n\n\n

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. <\/p>\n\n\n\n

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.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

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. <\/p>\n\n\n\n

Vukile said the property offers strong value-add potential through various asset management initiatives, including the completion of the food and beverage offering.<\/p>\n\n\n\n

The mall could also benefit from optimising its tenant mix and capitalising on the densification of its catchment area.<\/p>\n\n\n\n

The deal’s structure <\/h2>\n\n\n
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Laurence Rapp – CEO of Vukile Property Fund <\/figcaption><\/figure><\/div>\n\n\n

The effective date of the deal is anticipated to be towards the end of April.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

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). <\/p>\n\n\n\n

“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. <\/p>\n\n\n\n

South African company buying iconic international mall in deal worth R1.7 billion<\/p>\n\n\n\n

Castellana will fund the Purchase Consideration through its existing cash resources.<\/p>\n\n\n\n

Property name<\/strong><\/td>Geographical location<\/strong><\/td>Sector<\/strong><\/td>GLA (m2)<\/strong><\/td>Purchase Consideration for Castellana\u2019s share in the Property (EUR) <\/strong><\/td>Value attributed to 100% of the Property at 29 January 2026 (EUR) <\/strong><\/td><\/tr><\/thead>
Splau Shopping Centre<\/td>Barcelona, Spain<\/td>Retail<\/td>54 689<\/td>89 250 000<\/td>350 105 443<\/td><\/tr><\/tbody><\/table><\/div><\/figure>\n\n\n\n
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Images<\/h2>\n\n\n
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<\/p>\n","protected":false},"excerpt":{"rendered":"

JSE-listed Vukile Property Fund is continuing its expansion in Iberia with the acquisition of a 50% stake in the Splau Shopping Centre in Barcelona.<\/p>\n","protected":false},"author":95,"featured_media":854256,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12755],"tags":[25036,20473],"class_list":["post-854245","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property","tag-castellana-properties","tag-vukile"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/854245","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/95"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=854245"}],"version-history":[{"count":6,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/854245\/revisions"}],"predecessor-version":[{"id":854264,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/854245\/revisions\/854264"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/854256"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=854245"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=854245"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=854245"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}