Battered, bruised and barely breathing. This would have been a fairly apt description of the state of the listed property market a year ago. At the time, the SA listed property index was 50% down from pre-Covid levels and there was no end in sight to the number of counters that were either suspending or slashing dividends.
Castellana Properties, in which Vukile owns an 88% stake, has acquired a 21.7% stake in fellow Spanish listed real estate investment trust Lar España Real Estate, in a deal worth €100m. Vukile’s portfolio is already split roughly 50/50 between Spain and SA. However, the key attraction of the deal is the price. Lar España is trading at a hefty 48% discount to NAV, so the deal was clearly opportunistic. Rapp points out: “We’ve watched Lar España closely for a number of years, so we know its assets and have great respect for the management team. The deal ticks all the financial metrics and is tremendously accretive. We think there is phenomenal rerating potential for Lar España’s share price.
Then there’s Fairvest – whose SA-based portfolio of community centres caters mainly to low- and mid-income shoppers – which is set to merge with Arrowhead and offers rerating potential.
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