South Africa’s Vukile buys $202 million stake in Barcelona mall

South African shopping mall owner Vukile Property Fund is expanding its presence in Europe with its first investment in Barcelona, agreeing to buy a 50 percent stake in the €350 million ($403.4 million) Splau Shopping Center.

The Johannesburg-based real estate investment trust said the purchase will be made through its 99.7 percent-owned Spanish subsidiary Castellana Properties. Vukile’s share of the 54,689-square-meter regional mall is valued at €175 million ($202 million), marking a notable step in its strategy to deepen exposure to Spain’s retail market. 

Deal targets stable rental income

The stake is being acquired from Unibail-Rodamco-Westfield, one of Europe’s largest shopping-center owners. Vukile said the deal will be structured as a 50:50 joint venture, the third transaction involving the three companies. 

The partners will jointly own the mall, while Unibail-Rodamco-Westfield will continue to manage daily operations. A joint asset management forum will guide long-term decisions on leasing, upgrades and capital spending. The arrangement, Vukile said, is designed to maintain stable income while allowing both owners to shape the center’s future.

Spain retail bet amid tourism boom

CEO Laurence Rapp said the purchase underscores the group’s confidence in Spain, where consumer spending and tourism have supported retail property performance. He added that partnering with an established operator reduces execution risk and allows Vukile to focus on steady returns. The acquisition will be funded from existing cash resources and is expected to close before the end of April 2026.

Barcelona, Spain’s second-largest city, draws about 20 million visitors a year and remains one of Europe’s busiest tourist destinations, a factor that supports foot traffic at major retail centers. The city’s global profile rose after hosting the 1992 Summer Olympics, and tourism has remained a key pillar of the local economy.

Vukile deepens Iberian mall bet

Vukile, South Africa’s third-largest real estate investment trust, manages property assets worth about R54 billion ($3.37 billion). Roughly two-thirds of its portfolio and net property income now come from Spain and Portugal through Castellana, highlighting how central the Iberian market has become to the group’s earnings.

The Splau purchase follows closely on another deal in northern Spain, where Vukile acquired the Berceo Shopping Centre for €108 million ($127.6 million). It also comes weeks after the company agreed to sell several Spanish retail parks for €279 million ($322 million), recycling capital into larger, high-performing malls. The transactions signal a clear shift toward retail assets in major European cities, even as the company maintains its roots in South Africa.