Vukile Property takes to JSE boards

Posted On Friday, 25 June 2004 02:00 Published by eProp Commercial Property News
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Vukile Property Fund Limited listed on the Financial - Real Estate sector of the JSE Stock Exchange on Thursday, after completing the privateplacement of 13,800,000 linked units at an issue price of 5.00 rand each.

 

Gerhard van ZylVukile is the second listed property initiative by Sanlam Propertiesafter the successful listing of the MICC Property Income Fund in November2003.

No linked units have been offered to the public as the listing was fullyunderwritten by Sanlam Investment Management (SIM). SIM will thereforeinitially own the majority of the shares, but the intention is to reduceits shareholding over time.

The issue price is 5.00 rand per linked-unit and the expected yieldfor the first year is 12.05%.
 
Vukile is the seventh largest South African Property Loan Stock (PLS)company listed on the JSE, with a property portfolio comprising 52 properties,a total gross lettable area of 676,901 m 2 and a gross asset value of approximately1.86 billion rand.

Vukile's primary objective is to provide investors with the opportunityto invest in a diversified retail, commercial and industrial property portfoliothat will enjoy meaningful capital appreciation and long-term sustainablegrowth in income distributions.
 
Gerhard van Zyl and Michael Potts have been appointed as the ChiefExecutive Officer and Financial Director of Vukile respectively and willbe responsible for the day-to-day corporate activity within the property
portfolio.

The seven independent, non-executive directors are well-known, seasoned business executives with a wealth of property experience that will addvalue to the management of the Fund.
 
Van Zyl, CEO of Vukile commented: "Vukile's diversified property portfoliohas a bias towards the retail sector, with the majority of its propertieslocated in Gauteng. Being strategically invested in sectors that will benefitfrom an improvement in economic and market conditions will allow Vukileto grow and enhance its portfolio. The balance of the portfolio is widelyspread throughout South Africa, with representation in 7 of the 11 provinces,adequately diversifying Vukile's property risk."

Last modified on Tuesday, 13 May 2014 11:26

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