FNB CIB Branded Subsidiaries
RMB – a division of FirstRand Bank Limited, is an Authorised Financial Services and Credit Provider NCRCP20.
Copyright © RMB 2026. All rights reserved.
RMB – a division of FirstRand Bank Limited, is an Authorised Financial Services and Credit Provider NCRCP20.
Copyright © RMB 2026. All rights reserved.
Laurence Rapp, CEO at Vukile Property Fund
Laurence Rapp, CEO at Vukile Property Fund
Vukile continues to partner with RMB for the innovative funding and expert advice they need to meet their real estate aspirations.
Vukile Property Fund is a high-quality, low-risk, retail-focused Real Estate Investment Trust (REIT) concentrated primarily on middle to low-income consumers with rural, township and commuter shopping centres in South Africa, as well as a portfolio of regionally dominant retail assets in Spain. The company has been listed on the JSE since 2004 and the Namibian Stock Exchange since 2007. It has a property portfolio of c. R33bn – 51% of which is in Spain and 49% in South Africa.
RMB has been a banking partner to Vukile since its inception in 2004 and has played a key role in Vukile’s international expansion into Spain over the past couple of years. RMB’s partnership with Vukile in its international expansion initiatives has led to Castellana, Vukile’s 87% owned subsidiary, being the seventh largest REIT in Spain within a four-year period.
RMB recently provided a R1.2bn bridge loan to Vukile to enable the acquisition of a 21% equity interest in Lar Espana Real Estate, another retail-based REIT in Spain. This opportunity only presented itself for a very short period, requiring RMB to execute the transaction in only nine days.
RMB has worked closely with Vukile to understand the business’ strategic vision and assigned a dedicated team to bring innovative solutions that benefit the business growth of Vukile.
The bridge loan involved both Real Estate Investment Banking and Global Markets teams from RMB working seamlessly to offer Vukile a solution that significantly enhanced its Spanish growth strategy.
Laurence Rapp, CEO at Vukile Property Fund