JSE-listed real estate investment trust Vukile Property Fund’s 98%-owned Spanish subsidiary Castellana Properties on Wednesday listed on the Spanish Stock Exhange’s Mercado Alternativo Bursátil.
The shares were listed at an introductory price of €6 apiece, which attributes a market capitalisation to Castellana of about €204-million.
As at March 31, Vukile’s investment in Castellana accounted for 21% of Vukile’s total assets.
Castellana acquires, manages and leases real estate assets, mainly shopping centres and other retail assets, in Spain.
The company’s portfolio comprises 15 properties with a gross asset value of €391-million and a gross leasing area of 197 132 m2, with vacancies at 3.3%.