Wrap Text
Acquisition of a 50% share in Splau Shopping Centre, Barcelona
VUKILE PROPERTY FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2002/027194/06)
JSE share code: VKE NSX share code: VKN
Bond company code: VKEI
ISIN: ZAE000180865
(Granted REIT status with the JSE)
("Vukile" or the "Company")
ACQUISITION OF A 50% SHARE IN SPLAU SHOPPING CENTRE, BARCELONA
1. Introduction
Shareholders are advised that Vukile's 99.7% held subsidiary, Castellana Properties SOCIMI, S.A. ("Castellana"),
has concluded a share purchase agreement (the "SPA") with Unibail-Rodamco-Westfield SE ("URW"), a French
multinational commercial real estate company headquartered in Paris and listed on the Euronext Paris, pursuant to
which Castellana will acquire a 50% share in Splau Shopping Centre ("Splau" or the "Centre" or the "Property"),
a dominant, large-scale retail destination located in Barcelona, Spain (the "Transaction").
2. Rationale
The Transaction 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. Splau boasts an unparalleled retail hub and brand portfolio, featuring both international
and local tenants paired with exceptional leisure and dining experiences. The Property offers a strong financial profile
with a clear growth trajectory, proven resilience across cycles and consistently strong and stable operating
performance.
Barcelona, the largest city in Catalonia and the second largest city in Spain, is one of the most visited cities in the
world, attracting c.20 million tourists each year. The city blends innovation, culture and world-class cuisine, while
its modern infrastructure and exceptional quality of life make it the ideal destination for strategic investments.
Barcelona offers a thriving professional environment with a focus on innovation, excellent higher education and
strong support for start-ups and tech companies.
Additionally, the Transaction provides Vukile and Castellana with the opportunity to build on their established long-
term partnership with URW, a premier global operator, owner and developer of flagship shopping destinations.
Castellana and URW will combine their complementary strengths in retail real estate through a joint strategic asset
management forum, ensuring long term value creation, while URW continues to oversee the day-to-day management
and operations of the shopping centre.
3. Profile of the Property
Splau is an established shopping centre located in Cornella de Llobregat, within the Barcelona metropolitan area.
The Centre opened in 2010 and comprises a total gross lettable area ("GLA") of 54 689m2 with 151 stores. The
Centre is a major shopping destination for the population of Barcelona and the surrounding areas. It holds a significant
market share within its primary catchment area of c.1 million people and attracts annual footfall of c.10 million visits
per annum, thanks to its wide variety of stores, entertainment options and convenient location adjacent to the RCDE
Stadium, home of Real Club Deportivo Espanyol football club.
The Property enjoys strategic accessibility via both private and public transportation, with multiple bus, metro, tram
and train connections. Splau is also well connected to main roads and highways which facilitate access to the Centre,
with c.77% of customers arriving by car.
The Centre features an all-in shopping experience, combining a complete and diversified retail offering with strong
food and beverage and leisure concepts with more than 36 different restaurants, a bowling alley and the largest cinema
in Spain, which itself attracted more than 770 000 visitors in 2025. Fashion and accessories feature leading Inditex
brands including Zara, Lefties, Stradivarius, Bershka and Pull&Bear, along with other leading brands such as
Primark, Fnac, Mercadona, Media Mark and JD Sports.
The Property offers strong value-add potential through various asset management initiatives, including the
completion of the food and beverage offering, tenant mix optimization and capitalising on the catchment area
densification to unlock value through development projects and CSR initiatives.
4. Terms of the Transaction and Closing
The effective date of the Transaction is anticipated to be towards the end of April (the "Closing Date"). The
Transaction is based on a gross asset price assigned to 100% of the Property of EUR 350 000 000 (the "Agreed Asset
Value").
Castellana will acquire a 50% share in the Property on the Closing Date. The purchase consideration payable for the
Castellana's share in the Property is EUR 89 250 000 (the "Purchase Consideration"), payable in cash on the
Closing Date. The Purchase Consideration has been calculated based on the Agreed Asset Value, less a new mortgage
loan of EUR 171 500 000.
The Transaction will be earnings accretive for Castellana. The SPA includes market-standard warranties, indemnities
and undertakings for a transaction of this nature.
5. Funding of the Transaction
Castellana will fund the Purchase Consideration through its existing cash resources.
6. Property specific information
Details of the Property are set out in the table below:
Purchase Consideration for Value attributed to
Castellana's share in the 100% of the Property at
Property Geographical GLA Property 29 January 2026
name location Sector (m2) (EUR) (1) (EUR) (2)
Splau Barcelona, Retail 54 689 89 250 000 350 105 443
Shopping Spain
Centre
Notes:
1. Representing a 50% share in the Property.
2. The Property was valued in accordance with Royal Institution of Chartered Surveyors standards by Cushman
& Wakefield, an independent external property valuer.
7. Voluntary announcement
The Transaction is not categorizable in terms of the JSE Listings Requirements. Therefore, this announcement is
voluntary and for information purposes only.
18 March 2026
JSE sponsor NSX sponsor
Java Capital IJG Securities (Pty) Ltd
Date: 18-03-2026 07:30:00
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