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Vukile Property Fund Limited, led by South African executive Laurence Rapp, has taken another step in broadening its reach beyond Southern Europe, acquiring a 35 percent stake in Pradera Limited in a transaction that values the global retail platform at R94.7 billion ($5.9 billion).
Vukile’s strategic entry into ten-country portfolio
The Johannesburg-listed retail real estate investment trust said the investment gives it strategic access to a specialist retail property asset manager with operations spanning Europe, the United Kingdom, China and the Middle East. The deal builds on Vukile’s existing offshore exposure and reflects a long-standing view that international growth must be anchored in local expertise.
The transaction executed on Dec. 18, 2025, provides Vukile with an entry point into a management platform overseeing assets in ten countries. Pradera manages a portfolio on behalf of more than 60 institutional and private investors and employs over 100 retail property specialists across 12 offices globally, offering Vukile operational depth well beyond its footprint.
Rapp leads $2.9 billion retail growth
For Vukile, the partnership comes as it looks to move beyond Spain and Portugal, where it has built scale through its Madrid-listed subsidiary, Castellana Properties. The group’s property portfolio is valued at about R50 billion, equivalent to roughly $3.1 billion, with assets split between South Africa and the Iberian Peninsula.
Laurence Rapp, who owns more than 4 million shares in the company, has overseen Vukile’s steady expansion while maintaining a focus on income-producing retail assets. The fund recently raised $28.4 million through bond issuances and completed a $13 million (R225 million) upgrade of the Mall of Mthatha, a major reset for the Eastern Cape retail center.
Speaking on the Pradera deal, Rapp described it as a meaningful building block for the group’s next phase of growth. He said the combined experience of Vukile, Castellana and Pradera brings together one of the deepest pools of retail property knowledge in Europe, allowing the company to better assess opportunities before committing capital to new markets.
Vukile expands retail expertise offshore
Vukile said its track record in the Iberian Peninsula shows that retail property performance relies on understanding shoppers, tenants and local market conditions. Pradera’s portfolio includes major assets such as the Trafford Centre in Manchester and Lakeside Shopping Center in Essex, familiar to South African investors through pension funds and offshore investment mandates.
While the investment does not involve the direct purchase of new properties, Vukile said it strengthens its ability to identify, manage and price risk across multiple jurisdictions. For shareholders the deal signals a cautious but deliberate approach to offshore growth, built around partnerships rather than rapid asset accumulation.
