(Vukile Property Fund/Supplied)

Shares in UK shopping centre owner Capital & Regional (C&R) leapt 17% on Thursday after it confirmed it has an early expression of interest of a buyout from Gugulethu Square owner Vukile Property Fund.

Vukile, which owns malls in SA and Spain, confirmed that it had submitted a non-binding indicative proposal regarding a possible cash and share offer for the entire issued, and to be issued, share capital of London-listed C&R.

C&R, valued at about R2.6 billion on the JSE, where it has a secondary listing, is a UK-focused retail property REIT specialising in community shopping centres that provide needs-based, non-discretionary and value-orientated retail goods and services. It had its portfolio valued at £372.8 million (about R8.7 billion) as of the end of December and booked revenue of £59 million (about R1.4 billion) in that year.