Vukile Property Fund Limited
 
  • LATEST SHARE PRICE
  • EVENTS CALENDAR 2019
    • July 2019

      Financial report and notice of AGM posted by

    • August 2019

      AGM

    • 30 September 2019

      Interim results year end

    • 31 March 2019

      Financial year end

    • Vukile delivers a 7.5% increase in dividends in line with guidance
      • Vukile total assets amounted to R35.1 billion for the year ended March 31, 2019.
      • The company adds that its direct property investments were valued at R30.5 billion during the period, these investments are located South Africa, Namibia and Spain.
      • Vukile’s exposure within the Spanish market proved to be beneficial as the company says investment properties increased to €916 million from €308 million following the acquisition of five shopping centres.
      • The company’s net profit available for distribution increased by 30% to R1.7 billion and a dividend of 181. 48 cents has been declared, in line with guidance and up 7.5%.
    • Castellana gathering significant momentum in Spain

      7.5% increase in dividends in line with guidance to 181.48 cents per share

      Strong balance sheet and capital market support

      • ICR of 6 times
      • LTV reduced to 37% with 96% of debt hedged
      • Corporate long-term credit rating upgraded to A+(ZA)
      • Raised R2.6 billion in new equity during the year and R700 million in April 2019
      • Raised R1.2 billion in corporate bonds

    • Solid operating performance and strong capital market support in Southern Africa

      Significant presence in Spain

      Investment properties increased to €916 million from €308 million following the acquisition of five dominant shopping centres

      • Positive benefits of diversification with a solid pipeline of opportunities
      • Value-add asset management from Castellana
      • All retail parks acquired in June 2017 now fully let
      • Like-for-like growth in gross rental income of 3.5%
      • Reversions and new lettings at 11% above expiring rentals
      • Successful redevelopment of Kinepolis Leisure Centre at a yield of 11%
    • Thavhani Mall wins Best Rural and Small Town Development
      • Thavhani Mall in Thohoyandou, Limpopo, has scooped the top award for Rural and Small Town development in the South African Property Owners Association (SAPOA) Awards 2019.

        Developed and owned by Flanagan & Gerard Property Development & Investment, Thavhani Property Investments and JSE-listed retail REIT Vukile Property Fund. Thavhani Mall is a new 50 000 sqm regional mall that opened in August 2017, introducing the biggest selection of shopping and leisure retail in the region with its 140 stores.

        Thavhani Mall’s exceptional design was created by multi-award-winning MDS Architecture, and its construction was delivered by main contractor WBHO.  Read more


  • Portfolio
  • Top 15 Retail Centre's: El Faro (Spain)

    El Faro is the largest shopping and leisure centre of the province of Extremadura. Situated in Badajoz, the nearest city to the Portuguese border, has a GLA of 66,300 sqm of which 43.423 sqm owned by Castellana Properties. With 2,840 free parking spaces and more than 110 stores, the shopping center is the commercial reference of all Extremadura, along with an influence area of 517,491 citizens.

    Among its 110 stores there are international brands such as Primark (the only store in the entire province), Inditex Group, Media Markt, Hipercor, El Corte Inglés Outlet or Bricor that, together with its wide range of restaurants, have made El Faro a commercial icon in the southwest of Spain.

    El Faro is deeply involved with the community, through different agreements with local authorities. Likewise, the Spanish Association for Standardization and Certification (AENOR) has granted EL FARO with the Universal Accessibility Certification (UNE 170001-2:2007) for being a commercial centre globally accessible and without architectural barriers.

    Value # €162.4m (8.7% of direct property portfolio)
    Region Extremadura
    Gross Lettable area 43 423m2
    Monthly Rental * €17/m2
    National Tenant exposure 96%
    Vacancy 2.4%

    # % of total portfolio in brackets
    * Average base rental excluding recoveries

  • East Rand Mall
  • Top 15 Retail Centres: Bahía Sur (Spain)
    Shopping Centre

    Bahía Sur is located in the city of San Fernando (Cádiz) in a unique natural environment with views to the Bay of Cadiz. Is located next to the train station that connects to the city centre, and the main Sport City of the county.

    The shopping centre has an influence area of 674,250 citizens, and it offers a modern concept of retail in which shopping, leisure and natural spaces merge to create a unique experience.

    With more than 80 stores distributed in a floor with renovated spaces, Bahía sur is the leading shopping centre within its influence area which includes the city of Cadiz, Puerto Real and San Fernando. Fashion, beauty, sports, home or supermarket are present in their 59,300 sqm (of which 24,789 sqm are owned by Castellana Properties) of commercial areas with national and international brands like Carrefour, El Corte Inglés or Zara. Restaurant offering in Bahía Sur includes American, Asian, Mexican, Italian or Mediterranean cuisine with different restaurants and cafés.

    The shopping centre has straightforward proposal: offer the visitor a new model of purchase in a unique space where is possible to enjoy a privileged environment with lovely sunsets every day, free loan of binoculars or ride bicycles through its Natural Park as well as take part in different entertainment activities all year long.

    Value # €120.2m (6.4% of direct property portfolio)
    Region Andalucia
    Gross Lettable area 24 789m2
    Monthly Rental * €25/m2
    National Tenant exposure 93%
    Vacancy 1.9%

    # % of total portfolio in brackets
    * Average base rental excluding recoveries

  • Bahia Sur
  • Top 15 Retail Centres: Los Arcos (Spain)

    Los Arcos, located in one of the most important areas of Seville, has a gross lettable area of 43,400 sqm, of which 17,906 sqm are owned by Castellana Properties. Divided into two floors of shopping galleries, Los Arcos is the largest shopping centre in the city.

    With more than 80 brands, it is an urban reference in retail with the largest and widest commercial mix in the region with key brands such as Hipercor, Zara, Kiabi, C&A, City Cinema Union, Toys R ‘Us, Deichmann, Primor, Bershka, Mcdonald’s or Foster’s Hollywood, among others.

    It also has a free underground parking with 1,800 parking spaces.Opened in 1992 along with the Universal Exhibition, it was the first Shopping Centre in the city and, since 2013 has a completely renovated image and architecture, with wide and bright corridors for a better customer experience.

    Los Arcos believes that business growth and environmental sustainability are interrelated, and they constitute a strategic thrust. Therefore, the shopping centre is committed to supportive and sustainable initiatives like supporting the local economy, 100% LED lighting in its facilities or photovoltaic panels for electric self-consumption, among others.

    Value # €118.2m (6.3% of direct property portfolio)
    Region Andalucia
    Gross Lettable area 17 906m2
    Monthly Rental * €33/m2
    National Tenant exposure 95%
    Vacancy 6.8%

    # % of total portfolio in brackets
    * Average base rental excluding recoveries

  • Los Arcos
  • Top 15 Retail Centres: Granaita Retail Park (Spain)

    The shopping centre is located in Pulianas, a town that surrounds the city of Granada, considered strategic because it has easy access from the highways A44 y A92, as well as the N432 and A4006 roads.

    The shopping centre is located in Pulianas, a town that surrounds the city of Granada, considered strategic because it has easy access from the highways A44 y A92, as well as the N432 and A4006 roads. The shopping center has 77 units, and a GLA of more than 104,000 sqm, of which 54,367 are owned by Castellana Properties. Granaíta is the result of the integration of Kinepolis Park and the Alameda Shopping Center, and after an investment of 5,5 million euro, it was reopened in March 2019 with a renovated image, and a modern and innovative design. Granaita has become the new hub to respond the demand of entertainment, fashion, and leisure for youth and families of Granada and its metropolitan areas. Moreover, due to its great location and accessibility the influence area includes cities of the western side of Granada, and the near province of Jaen. Some of the main tenants are renowned brands like Mercadona, Carrefour, Burger King, Kinepolis, Decathlon, Maison du Monde, Aki, Kiwoko o Muerde La Pasta among others.

    Value # €113.7m (6.1% of direct property portfolio)
    Region Andalucia
    Gross Lettable area 54 367m2
    Monthly Rental * €10/m2
    National Tenant exposure 90%
    Vacancy 2.8%

    # % of total portfolio in brackets
    * Average base rental excluding recoveries

  • Granaita
  • Top 15 Retail Centres: Vallsur (Spain)

    The Vallsur shopping centre was opened in 1998, situated in a residential area that has been widely developed since then. Its unbeatable location makes Vallsur the place chosen by thousands of citizens to shopping throughout the year.

    With 36,000 sqm (of which 35.211 sqm owned by Castellana Properties) the park was increased in 3,000 sqm and was refurbished in 2013. In 2014 received the Best Shopping Center Renovation Award given by the Spanish Association of Shopping Centers (AECC).

    The shopping center has more than 90 units that create a compelling offer from fashion, shoes, accessories and restaurants, with brands like Inditex, H&M, Forum Sport, Foster´s Hollywood or KFC among others. In 2018, Yelmo Cines inaugurated 8 movie theatres and became the second Premium cinemas in Spain.

    Vallsur has 1,705 parking spaces. Since its inauguration, the shopping centre has a clear commitment to the environment. For this purpose, it has implemented an Environmental Management System in accordance with the international standard ISO 14001:2004.

    Value # €92.8m (5% of direct property portfolio)
    Region Castilla Leon
    Gross Lettable area 35 211m2
    Monthly Rental * €15/m2
    National Tenant exposure 97%
    Vacancy 2.4%

    # % of total portfolio in brackets
    * Average base rental excluding recoveries

  • Vallsur
  • Top 15 Retail Centres: Habaneras (Spain)

    The shopping center is located in Torrevieja, province of Alicante. It has an influence area of 531,670 citizens, in addition to 178,440 of floating population.

    This modern shopping centre was built in 2005 with a GLA of 24,158 sqm. It has 65 stores distributed in 3 floors. Two floors at ground level, and another floor underground that combines shopping stores and parking.

    The parking area has 850 free parking spots, 700 underground and 100 at ground level with direct access from the street. The main brands of the shopping centre are Zara, Bershka, Stradivarius, C&A, Forum, and Aki Bricolaje, among others.

    Value # €88.8m (4.8% of direct property portfolio)
    Region Com. Valenciana
    Gross Lettable area 24 158m2
    Monthly Rental * €18/m2
    National Tenant exposure 98%
    Vacancy 7.1%

    # % of total portfolio in brackets
    * Average base rental excluding recoveries

  • Habaneras (Spain)
  • Top 15 Retail Centres: Boksburg East Rand Mall (RSA)

    'OR Tambo international airport is a key gateway in the area and as such East Rand Mall has a very well supported road and transport system.

    Convenient access from major highways and ample parking make shopping a pleasure.

    The centre’s well-planned tenant combination includes all major chain stores and a host of smaller, specialised stores.

    Voted most popular centre in the region, the East Rand Mall brand is well established and top of mind in the region.

    Value # R1 433m (Vukile 50% holding; 4.7% of direct property portfolio)
    Region Gauteng
    Gross Lettable area 68 252m2
    Monthly Rental * R278/m2
    National Tenant exposure 94%
    Vacancy 1.8%

    # % of total portfolio in brackets
    * Average base rental excluding recoveries

  • East Rand Mall
  • Top 15 Retail Centres: Pinetown Pine Crest (RSA)

    'Pine Crest Centre was established in 1988 and has served shoppers from the business, industrial and community sectors for over 30 years. The primary catchment area for Pine Crest Centre stretches from Kwadabeka in the north to Kwadengezi in the south, and from Cowies hill in the east to Kloof in the west.

    The centre's strong tenancy in financial services, electronics, healthcare, food and fashion makes it the most dominant centre in Pinetown.

    The centre is located in the heart of Pinetown and is a convenient one-stop retail destination with ample parking.

    The upgrade and extensions to Pinecrest Centre will be completed end of July 2019 when shoppers will be able to enjoy an improved offering in a newly renovated and modern environment.

    Value # R1 047m (3.4% of direct property portfolio)
    Region KwaZulu-Natal
    Gross Lettable area 43 414m2
    Monthly Rental * R175/m2
    National Tenant exposure 91%
    Vacancy 4.1% Development vacancy

    # % of total portfolio in brackets
    * Average base rental excluding recoveries

  • Pinetown Pine Crest
  • Top 15 Retail Centres: Durban Phoenix Plaza (RSA)

    'Phoenix Plaza was established in 1993 and is situated north of Durban in the beautifully diverse province of KwaZulu-Natal. Catering for the locals of Phoenix and surrounding communities, the Centre is home to more than 105 independent and national retailers with Shoprite as its anchor tenant.

    The centre offers a unique shopping experience with a wide variety of eastern, western and specialty stores, presenting itself as a one-stop shopping destination. The centre is in the process of being upgraded.

    Value # R940m (3.1% of direct property portfolio)
    Region KwaZulu-Natal
    Gross Lettable area 24 231m2
    Monthly Rental * R273/m2
    National Tenant exposure 78%
    Vacancy 1%

    # % of total portfolio in brackets
    * Average base rental excluding recoveries

  • Durban Phoenix Plaza
  • Top 15 Retail Centres: Phuthaditjhaba Maluti Crescent (RSA)

    Phuthaditjhaba (formerly QwaQwa or Witsieshoek) is located in the foothills of the Maluti mountains of the Drakensberg range. It can be found right off the junction of the R57 and R712, which runs from Harrismith, through Golden Gate Highlands National Park, and onto Clarens. It is a former homeland capital, making it a central gathering place and the headquarters of the region’s district and local municipality, as well as home to many community facilities. Maluti Crescent is at the heart of all this, with a strong retail mix. It has been upgraded and expanded to 35 335m², with completion of the upgrade of the original centre by August 2019.

    Value # R667m (2.2% of direct property portfolio)
    Region Free State
    Gross Lettable area 35 335m2
    Monthly Rental * R144/m2
    National Tenant exposure 94%
    Vacancy 1.2% Development vacancy

    # % of total portfolio in brackets
    * Average base rental excluding recoveries

  • Phuthaditjhaba Maluti Crescent (RSA)
  • Top 15 Retail Centres: Parque Principado (Spain)

    The retail park is located in the town of Sieros in Asturias next to the shopping center Intu Asturias, the largest shopping center of the region, with a huge influence area due to its location.

    Situated at 10 minutes from Oviedo, the park has an influence area of 860,000 citizens. It was inaugurated in 2003 and has a GLA of 16,246 sqm, owned entirely by Castellana Properties, it has 6 units and 425 outdoor parking spots. Some of the main tenants are Bricomart, Conforama, Intersport, Burger King, and Kiwoko.

    Value # €34.6m (1.9% of direct property portfolio)
    Region Asturias
    Gross Lettable area 16 246m2
    Monthly Rental * €10/m2
    National Tenant exposure 100%
    Vacancy Fully Let

    # % of total portfolio in brackets
    * Average base rental excluding recoveries

  • Rangburg Square
  • Top 15 Retail Centres: Gugulethu Square (RSA)

    Gugulethu square was established in 2009, in partnership between west side trading and esteemed businessman, Mzoli Ngcawuzele. The centre was the first step towards establishment of a Gugulethu central business district, which accelerated the township’s integration into the formal economy.

    The centre’s architecture includes energy-efficient finishes, extensive natural lighting, eco-friendly materials, efficient use of space with roof parking, efficient artificial lighting and air-conditioning. Landscaping integrates the centre into the surrounding environment. The centre has a high national tenant component with an excellent tenant mix.

    Value # R553m (1.8% of direct property portfolio)
    Region Western Cape
    Gross Lettable area 25 322m2
    Monthly Rental * R164/m2
    National Tenant exposure 88%
    Vacancy Fully Let

    # % of total portfolio in brackets
    * Average base rental excluding recoveries

  • Gugulethu
  • Top 15 Retail Centres: Soweto Dobsonville Mall (RSA)

    Dobsonville Shopping Centre was the first shopping centre in Soweto, and started trading in 1994, with Shoprite as anchor tenant. The centre brought much needed services and is well accepted by the community. With over 73 stores and a taxi rank for easy access, the centre has retained its significant association with the community. Following the redevelopment and extension of the centre, it is now suitably geared to fully service the next generation of shoppers in the north-west of Soweto.

    Value # R546m (1.8% of direct property portfolio)
    Region Gauteng
    Gross Lettable area 26 589m2
    Monthly Rental * R141/m2
    National Tenant exposure 82%
    Vacancy Fully Let

    # % of total portfolio in brackets
    * Average base rental excluding recoveries

  • Dobsonville Mall
  • Top 15 Retail Centres: Queenstown Nonesi Mall (RSA)

    'Queenstown in the Eastern Cape was founded in 1853. Nonesi mall is a u-shaped, single-level centre with open parking and strong anchor tenants. As a c. 28 000m² premier shopping destination, the centre accommodates thousands of customers on a day-to-day basis, with an offering of approximately 80 shops. When the mall opened in October 2012, it boosted employment by providing job opportunities to the local community.

    Value # R500m (1.6% of direct property portfolio)
    Region Eastern Cape
    Gross Lettable area 27 898m2
    Monthly Rental * R128/m2
    National Tenant exposure 97%
    Vacancy Fully Let

    # % of total portfolio in brackets
    * Average base rental excluding recoveries

  • Nonesi Mall
  • Top 15 Retail Centres: Pretoria Kolonnade Retail Park (RSA)

    Anchored by the massive 12 261m² PnP Hypermarket introducing the new Evolution concept which offer from a bakery, butchery, deli and liquor to groceries, clothing, furniture and a pharmacy with a clinic, all under one roof; Kolonnade Retail Park opened opposite Kolonnade Shopping Centre on 29 November 2006. Positive support was enjoyed since day one and a mere five years later in 2011 Kolonnade RETAIL PARK expanded with a 2nd development anchored by the Virgin Active Health Club and currently this vibrant little strip mall hosts a variety of lifestyle tenants ranging from sport and health to furniture and décor. This spread is supplemented with services and speciality stores to selected eateries. Known for community involvement and continuously sharing our platform with the community, the SACSC awarded Kolonnade Retail Park four times for Community Relations in 2010, 2012, 2016 & 2018.

    Easy access and great visibility from Sefako Makgatho (previously Zambesi Drive)
    Free convenient parking
    Proximity to Kolonnade Shopping Centre - Average 180 000 vehicles per month
    Montana Car Spa
    Burger King Drive-thru

    Value # R497m (1.6% of direct property portfolio)
    Region Gauteng
    Gross Lettable area 39 450m2
    Monthly Rental * R108/m2
    National Tenant exposure 83%
    Vacancy Fully Let

    # % of total portfolio in brackets
    * Average base rental excluding recoveries

  • Kolonnade