Vukile Property Fund has a R1.5bn war chest that it intends to use for offshore projects in the UK and Spain. The group, which reported 7.1% growth in its dividend per share for the year to March, has plans to invest more intensively in Spain, one of Europe’s best performing economies. CEO Laurence Rapp said at the release of the results for the year to March that the company had positioned itself as a reliable income payer that was defensive in nature for investors. "Vukile has successfully transformed into a high-quality, low-risk retail real estate investment trust. It has also established an excellent platform for more international investment. As we launch our next strategic phase with exciting new horizons, Vukile expects to deliver growth in dividends of between 7% and 8% in the coming year," he said. Vukile purchased 86.89% of the shares in Castellana, an unlisted Spanish real estate investment trust, for R193m in December 2016. It also invested a further £10.7m in UK-focuse...

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