Splau Shopping Centre in Barcelona
Image: Supplied
Vukile Property Fund on Wednesday said it will, through its subsidiary in Spain, acquire a 50% stake in the iconic Splau Shopping Centre in Barcelona, a stake that is worth €175 million (R3.3 billion).
Acquiring Splau continues Vukile’s capital recycling strategy into high-quality, higher-growth retail assets in Spain through its owned subsidiary Castellana Properties.
In 2026 so far, Vukile has completed the sale of its portfolio of nine retail parks in Spain for €279m, acquired the Berceo shopping centre in Logroño for €101m, and acquired the Islazul shopping centre in Madrid for €318m. Castellana’s strategy is to acquire dominant shopping centres with strong catchments, strong growth potential, and clear asset management upside.
The 50% stake in Splau is being acquired from Unibail-Rodamco-Westfield (URW), the owner, developer, and manager of real estate assets in Europe and the US. Structured as a 50:50 joint venture, the transaction is the third between Unibail-Rodamco-Westfield (URW), Castellana, and Vukile, and marks the beginning of a long-term partnership as co-owners of Splau.
Unibail-Rodamco-Westfield (URW) will continue to oversee the day-to-day management of the shopping centre, whilst a joint asset management forum will provide strategic direction, ensuring long-term value creation. Splau Shopping Centre is valued at €350m.
“The transaction will be earnings accretive for Castellana. The acquisition will be fully funded through existing cash resources, with completion expected before the end of April 2026,” said Vukile’s CEO Laurence Rapp.
The 54,689 square metre Splau Shopping Centre further diversifies and strengthens Castellana’s portfolio, which now ranks amongst the strongest in Iberia and includes dominant assets in all three of Spain’s largest cities – Madrid, Barcelona, and Valencia.
“This acquisition reflects our continued confidence in Spain’s retail real estate market and our ability to secure dominant assets with strong fundamentals and growth potential,” said Rapp.
Barcelona, Spain’s second-largest city and Catalonia’s capital, is one of the most visited cities in the world, drawing around 20 million tourists annually.
Splau, which has 151 stores, is well positioned in Cornella de Llobregat at Barcelona’s southern gateway. It holds a large market share in its catchment of about 1 million people and is easily accessible by multiple public and private transport modes, with a convenient location next to RCDE Stadium, home of RCD Espanyol.
Splau features leading brands including Zara, Lefties, Stradivarius, Bershka, Primark, Fnac, Mercadona, Media Mark, and JD Sports. Its food and leisure attractions comprise more than 36 restaurants, a bowling alley, and Spain’s largest cinema.
Rapp said the centre offers strong value-add potential through tenant mix improvements, expanding food and beverage options, and development projects linked to local population growth and CSR initiatives.
Castellana Properties’ portfolio now comprises 15 assets across Spain and Portugal, with a total portfolio value approaching €2.2bn.
BUSINESS REPORT