Vukile has announced the acquisition of a Spanish real estate investment trust that changes the face of the company. At the last set of results, for the year ending March, it had some 288 000m2 of space and this Spanish acquisition adds 118 000m2. This means that almost 30% of its space is now in Europe and earning euros. It is also interesting that it has entered the Western European market rather than Eastern Europe, which is the trend we have seen. In a recent interview the CEO commented that as South Africa is an emerging economy – and so is Eastern Europe – Vukile wanted to enter a developed economy to offset emerging market risk. I like that idea.