JSE-listed Vukile Property Fund announced on Thursday that it has acquired a controlling 51% stake in Morzal Properties Iberia in a bid to expand its property portfolio in Spain.
Last month, Vukile said it would be concluding an agreement to subscribe for shares in Morzal for an aggregate subscription consideration of €152-million, or R2.3-billion, after Morzal acquired a portfolio of four Spanish shopping centres from Unibail-Rodamco-Westfield for €489-million.
Vukile has also presented its 98.3% subsidiary, Castellana Properties, with the opportunity to acquire 100% of the equity in Morzal, including Vukile's 51%, at €6 a Morzal share, by way of a shares for shares transaction, or a share swap.
Vukile said that the board of Castellana, which listed on the Alternative Equity Market operated by the Spanish Stock Exchange, agreed on Wednesday, to proceed with the Castellana share swap.