Vukile says it will match market's performance
Vukile Property Fund's Chief Executive Laurence Rapp said the company had re-based its portfolio and that it would match the listed property sector's performance in the near future.
Vukile's Laurence Rapp says the property fund has delivered on its promises to investors for the last ten years and would continue to do so. Image: SA Commercial Property News
Vukile released its financial results for the year to March‚ saying it had delivered on its market forecasts and established a decade-long track record of unbroken growth in distributions and positive performance for investors‚ since listing in 2004.
"In its 10 years since listing on the JSE in June 2004‚ Vukile has delivered compound annualised growth in total returns of 23.6%. Its assets have grown from R3.1bn to R10.3bn.
"A significant portion of growth has been achieved in the last three years‚ where the value of its portfolio increased 92% from R5.35bn to R10.3bn. Vukile's market capitalisation has increased from R1.3bn at listing to R8.5bn today‚" Rapp said.
Vukile delivered distribution growth of 5% for the year which it said was a coup given the major restructuring of its portfolio.
Like-for-like growth in net property revenue was 6.8%. When taking into account the special distribution of 13.83c per unit paid in December last year‚ growth in total distributions for the year was 6.6%.
The average for the sector was about 7.5% for the year to March.
Vukile bought a 34% stake in Synergy Income Fund from Liberty by buying 52.3m Synergy B linked units for R338m during the reporting period.
This boosted Vukile's investment exposure to retail property serving the lower-income market and its exposure in the Western Cape region.
Source: I-Net Bridge
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