Vukile CEO Gerhard van Zyl said the solid results were due to the strong performance of Vukile’s underlying properties.

But Van Zyl said the acquisition of a 74,34% interest in fellow listed property loan stock company MICC Property Income Fund did not really affect the results.

Van Zyl said the acquisition would contribute to Vukile’s bottom line in the future.

Vukile, which reported an attributable profit of R233m for the year to March, its first annual results since listing in June last year, declared a final distribution of 31,5c a linked unit on June 1 this year.

This brought the total distribution for the year to 61,5c.

Vukile’s prospectus forecast was 60,25c. Van Zyl said one of Vukile’s highlights had been the acquisition of the interest in MICC.

He said the transaction equated to the acquisition by Vukile of a R740m property portfolio and boosted the value of its combined property holdings to more than R3bn.

Van Zyl said Vukile’s "end-game goal" was to acquire the MICC linked units it did not already own, and it was "considering ways of achieving this objective".

Rival ApexHi Properties, which made a counter bid for MICC last year, owns about 19% of MICC, while Oasis Asset Management, which owns a small interest, has not sold its stake to either Vukile or ApexHi.

Vukile hopes to gain 100% ownership of MICC, delist it and absorb it into one large fund.

Van Zyl said Vukile was involved in discussions with ApexHi and Oasis, including other minor shareholders, to try and achieve Vukile’s initial objective.