Vukile pleased with performance in SA and Spain

Laurence Rapp (Picture: Supplied)
Laurence Rapp (Picture: Supplied)

Vukile Property Fund [JSE:VKE] on Wednesday reported 7.5% growth in dividends to 181.48 cents a share for its full-year to March 31, 2019.

According to a statement issued on its behalf, Vukile says what it regards as an impressive set of results, reflect the significant benefits of its growing international diversification and value-adding asset management in Spain.

Vukile is now has just under half of its R28.7bn direct property investments in Spain. The company said in a statement that the results are also underpinned by "a solid operational performance from its southern African portfolio, its robust balance sheet and capital market support".

CEO Laurence Rapp said Vukile has a clear vision, structure and strategy and is well positioned for good, sustainable growth in both South Africa and Spain.”

Despite the difficult economic climate in SA, Vukile's South African business achieved positive retail rental reversions at 4.5% and reduced vacancies to 3% with 87% tenant retention.

In SA, Vukile continued to grow its portfolio size and quality by buying Kolonnade Retail Park in Pretoria for R470.6m and investing in core assets with upgrades, redevelopments and expansions.

Vukile’s R392m redevelopment of Maluti Crescent opened in March. In addition, its R200m major renovation of the Pine Crest in Pinetown opens in July.

Vukile had several transactions in progress at year-end, designed to recycle capital from its non-core assets into its SA and Spanish retail strategies, including selling its remaining non-retail assets in SA to a BEE group and disposing of its Namibian portfolio.

After year-end, Vukile reached a still highly-conditional agreement to acquire three assets from Rebosis Property Fund.

By mid-afternoon on Wednesday Vukile's share price was trading up 0.45% at R20.1.

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