Vukile acquires €176m shopping centre portfolio in Portugal

JSE-listed Vukile Property Fund’s 99.5% held Spanish subsidiary Castellana Properties has agreed to acquire a high-quality, blue-chip-tenanted portfolio of three shopping centres in Portugal. Castellana will acquire the assets from a Harbert European Real Estate Fund subsidiary at an initial yield of about 9%, which is expected to deliver a cash-on-cash yield of some 10% in euros.