Following a surge in interest and demand for Spanish investment opportunities, Vukile, a listed real estate investment trust is the latest company to expand its presence in Spain with a 80.6 million euro acquisition of a shopping centre in Torrevieja.
The investment follows Vukile's entry to the Spanish retail property market in July last year when it added 11 Spanish retail parks for 193m to its portfolio, and an additional two in December last year for a further 70 million.
Executed through Vukile's 98.7 percent owned Spanish Reit subsidiary, Castellana Properties, the acquisition of Habaneras Shopping Centre in the popular coastal city of Torrevieja was a move to grow an investment of scale and substance in Spain, according to chief executive, Laurence Rapp. Adding, "our Spanish retail property exposure is now nearing 400 million and comprises quality assets located in territories with good growth metrics".
The shopping centre was developed in 2005 and refurbished in 2014 and is 24,158m2 in size, 93.3 per cent of which is dedicated to fashion, including a collection of popular Inditex brands.
Alfonso Brunet, chief executive of Castellana Properties said they were pleased to add the first shopping centre to their portfolio of retail assets in Spain, especially one as established as Habaneras.