South African property fund Vukile, through its Spanish real estate vehicle Castellana Properties Socimi, has sought of buying four shopping centres from the French property giant Unibail-Rodamco for 489 million euros ($573.6 million).
Vukile will acquire these assets in a block purchase, although Unibail-Rodamco had been negotiating its sale with other groups, such as Lar España and Klépierre, on an individual basis. Those assets account for 10 percent of its global portfolio.
The French group, which completed its integration with the Australian firm Westfield in June, has signed a binding offer agreement with Castellana Properties for $573.6 million.
In July last year, Vukile purchased nine retail parks from Redevco Iberian Ventures, the joint venture between the real estate company specializing in retail Redevco and the funds managed by the alternative asset management company Ares Management, for $225 million.