Vukile Property Fund has continued to expand its footprint in Spain with a major investment in a Barcelona shopping centre.
The retail real estate investment trust will acquire a 50% stake in Splau Shopping Centre, valued at €350m (R6.8bn), through its subsidiary Castellana Properties. The €175m stake, structured as a joint venture with Unibail-Rodamco-Westfield (URW), supports Vukile’s strategy of investing in high-performing retail assets across its Iberian portfolio.
“This acquisition reflects our continued confidence in Spain’s retail real estate market and our ability to secure dominant assets with strong fundamentals and growth potential,” said Vukile CEO Laurence Rapp.
Vukile has reshaped its Iberian portfolio through a series of disposals and acquisitions in 2026, including the sale of nine retail parks for €279m and the purchase of the Berceo and Islazul shopping centres in Logroño and Madrid for €101m and €318m, respectively.
Following the addition of Splau, set to be completed before the end of April, Castellana’s portfolio will comprise 15 assets across Spain and Portugal, with a total gross lettable area of 594,420m² and a total portfolio value approaching €2.2bn.
“Our asset rotation in Spain reinforces Vukile’s disciplined approach to capital allocation. Vukile will continue to pursue a disciplined pipeline of accretive acquisition opportunities, supported by our established platform and partnerships, our specialist retail expertise and strong access to capital and deal flows,” said Rapp.
Located in Barcelona, one of the world’s most visited cities, attracting around 20-million tourists annually, Splau Shopping Centre benefits from a strategic position in Cornellà de Llobregat at the city’s southern gateway. The centre serves a catchment area of roughly 1-million people and is well connected via multiple public and private transport routes.
Opened in 2010, the centre features 151 stores, including major Inditex brands such as Zara, Bershka and Pull&Bear, alongside international retailers like Primark and JD Sports. It also offers a strong leisure component, with more than 36 restaurants, a bowling alley and Spain’s largest cinema.
URW will continue to oversee the day-to-day management of the shopping centre, while a joint asset management forum will provide strategic direction, which Vukile said will ensure long-term value creation.
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