Fairvest Property Holdings acquires R233.9 million retail property portfolio from Vukile Property Fund's subsidiary, MICC Properties.
Vukile is 'poised nicely', although the fund is maintaining a cautious approach as the listed property sector finds its feet, says CEO Laurence Rapp.
Vukile overcame a lacklustre operating environment to increase its full year distribution by 5.4% to 131.59 cents per linked unit while at the same time enlarging the size of the portfolio by 26% to R7.7 billion in the 2013 financial year.
Private placement 'fatigue' has been partly blamed for the sharp sell-off in property stocks over the past two weeks.
Going forward‚ we will be stripping out non-recurring income‚ less non-recurring expenditure‚ which will be distributed in a special distribution each year.

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