Castellana Properties, the Spanish unit of Vukile Property Fund Limited, the Johannesburg-listed retail REIT led by South African executive Laurence Rapp, has agreed to sell its entire portfolio of retail parks in Spain for 279 million 334 million, marking a clean exit from assets it has owned and managed for nearly a decade.
The sale concludes Castellanas involvement in the retail parks it began acquiring in 2017, as Vukile shifts focus to higher-growth European shopping centers. Castellana, 99.7 percent owned by Vukile, will transfer the assets to Ferrel SPV 2025, a special-purpose vehicle backed by funds managed by affiliates of New York Stock Exchange-listed Ares Management. The deal covers nine Castellana-owned companies holding retail parks across Spain.
334 million disposal locks in operational gains
