Vukile Property Fund has reported an 11.5% increase to R323.3m in net profit available for distribution for the year ended March 2010.

Property loan stock company Vukile today posted an 11.5% increase to R323.3 million in net profit available for distribution for the full year to 31 March and posted a 13.2% rise to 60.9 cents per linked unit in the distribution for the second six month period of the financial year

In spite of the challenging market conditions, Vukile was able to negotiate renewal rentals on expiries at rates that were, on average higher than the expiry rentals and, in some instances, substantially higher

Vukile has reported that its headline earnings per linked unit for the 6 months ended September 2009 are at 49.60c compared to the 46.22c reported for the same period in 2008.

Property loan stock company Vukile grew its distribution to its linked unit holders for the six months ended 30 September 2009 by 6.6%

Vukile posted a 9,5% increase to R289,9m in net profit for the year to March following firm control of costs and a strong performance.

Vukile Property Fund says its board has in-principle approved the decision to internalise its asset management services.

The PLSA summarises the latest transactions in the sector

The three companies are Gensec Property Services, Hermans and Roman Property Solutions and Kuper Legh Property Management

Pretoria - Vukile Property Fund, the second listed initiative by Sanlam Properties, was listed on the real estate sector of the JSE Securities Exchange yesterday.