Vukile Property Fund plans to match listed property sector performance

Posted On Monday, 26 May 2014 15:27 Published by
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Vukile Property Fund's CEO Laurence Rapp says the company has rebased its portfolio and that it will match the listed property sector's performance in the near future.

Laurence Rapp Vukile CEO

Vukile (VKE) released its financial results for the year to March 2014‚ saying it had delivered on its market guidance 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‚" Mr 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 2013‚ growth in total distributions for the year was 6.6%.

The average for the sector was about 7.5% in the year to March. Vukile acquired a 34% stake in Synergy Income Fund (SGA‚ SGB) from Liberty (LBH) by purchasing 52.3-million 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.

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