Laurence Rapp-led Vukile acquires mall in Portugal for $72 million

Laurence Rapp-led Vukile acquires mall in Portugal for $72 million

Key PointsVukile acquires Forum Madeira for €63.3 million($72.2 million), enhancing its Iberian presence in a booming tourism market.The shopping center boasting full occupancy features top retailers, attracting over 5 million visitors annually and serving a catchment of 250,000 residents.The deal, expected to close by Apr. 30, is projected to deliver an 11.8% cash-on-cash return, capitalizing on Madeira’s 23.4% economic growth since 2019.Vukile…

The asset is just an eight-minute drive from the city centre, and has an SBA of 21,472 m2 and 800 parking spaces.

Vukile Property Fund to acquire fifth shopping centre in Portugal – Property Wheel

Vukile Property Fund’s 95%-held subsidiary, Castellana Properties SOCIMI, is acquiring the Forum Madeira, a 100% let dominant open-air shopping centre in Portugal for €63.3 million, primarily funded by existing cash reserves at an initial net operating income yield of 9.5%. Following seven years of growing its Spanish retail portfolio from its South African base, the REIT entered Portugal during 2024, acquiring four prime retail assets, with For…