Vukile’s full-year returns are comfortably in the upper range of its market guidance and extend its 14-year track record of unbroken growth in dividends for investors. The JSE-listed REIT’s distributable income totalled R1.3bn and its net asset value increased 7.5% to 20.09 cents per share.

The impressive set of results reflect the solid operational performance driving Vukile’s core SA retail property portfolio, which produced good metrics in a relentlessly tough operating environment. It also showcases Vukile’s strong balance sheet, and entrepreneurial deal-making resulting in its landmark strategic international expansion in Spain.

Laurence Rapp, CEO of Vukile Property Fund, notes this has been a milestone year for Vukile, which now operates as a high-quality low-risk retail REIT in SA and holds 21% of its assets in Spain.