JSE-listed Vukile Property Fund Limited (“Vukile”) is a retail-focused REIT with a South African and Spanish asset underpin. In our analysis, we assess Vukile’s consolidated financial position in respect of its balance sheet and earnings, as its direct Spanish portfolio is held through its 89.6% stake in Castellana Properties SOCIMI SA (“Castellana”), listed on the Spanish Alternative Stock Exchange (“MAB”). During FY22, Castellana acquired a 21.7% shareholding in Lar Espana Real Estate SOCIMI, S.A. (“Lar Espana”), a Spanish retail-focused REIT (with GVA of €1.4bn) externally managed by Grupo Lar. The REIT also holds non-strategic stakes in Fairvest Limited (JSE listed REIT) and a small Namibian portfolio.
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