JSE-listed real estate investment trust Vukile Property Fund has acquired a 35% stake in specialist retail property investment fund and asset manager Pradera, which has a 25-year record across the UK, Europe, China and the Middle East.

The acquisition is a strategic move in support of Vukile's goal to explore expansion into more European markets. The transaction represents a substantial stepping stone for future strategic delivery, says Vukile CEO Laurence Rapp.

“Our investment in Pradera’s platform helps to pave the way as Vukile explores further expansion in Europe. Vukile, [Vukile subsidiary retail property company] Castellana and Pradera together represent Europe’s premier retail property knowledge capital, with unmatched retail real estate experience, insight and access.”

Pradera manages shopping centres and retail parks on behalf of more than 60 institutional and private investors, including former Intu assets already familiar to the South African market, such as The Trafford Centre, in Manchester, and Lakeside Shopping centre, in Essex, in the UK.

“Through our investment in Pradera, we now have access to a team of more than 100 retail specialists across 12 offices, managing around €5-billion of retail real estate assets in ten countries. This significantly de-risks any further expansion plans we are evaluating,” says Rapp.

On-the-ground, specialist retail knowledge and deep local insight are key to success in new markets. This approach to investment has served Vukile well in Spain and Portugal, he adds.

Further, Vukile and Pradera already share close ties. Castellana CEO Alfonso Brunet spent 11 years at Pradera’s Madrid office before joining Castellana in 2017, and several former Pradera colleagues form part of Castellana’s senior team.

The two businesses will continue to pursue their independent strategies, while leveraging inherent synergies, Vukile says.

The family trust of Pradera chairperson and co-founder Colin Campbell is the majority and controlling shareholder, while Rhys Evans serves as Pradera CEO.

Vukile’s investment became effective on December 18, 2025, as did a 14% Pradera leadership buy-in to further enhance alignment between management and shareholders.

“This is a strong vote of confidence in Pradera’s future. We have a first-class team, a market-leading reputation, a wide network of industry and investor relationships, and a strategic new shareholder in Vukile, that adds real depth to our platform.

“Our shareholder base is now made up entirely of retail sector specialists and I’m excited about what we can achieve together,” says Campbell.