Vukile Property Fund’s share price has risen nearly 19% over the past year, outperforming the FTSE-JSE South African Listed Property index (Sapy) as its high exposure to retail assets in underserved areas raised its profile among investors. The Sapy has gained 1.54% year to date and 2.29% on a price basis since June 2016. So far this year, Vukile’s share price has climbed about 6%. Vukile has become a reliable performer under CEO Laurence Rapp, who has made canny acquisitions locally and abroad. Castellana owns two call centre offices. Growth in Spain’s GDP has exceeded 3%a year over the past three years. Domestic consumption has begun to recover after a difficult seven years. Rapp has identified €200m worth of retail assets to build up Castellana. Evan Robins, listed property manager of Old Mutual Investment Group’s MacroSolutions boutique, said he "believes in the long-term story of Vukile". He said it would take a couple of years for the company to build a presence in Spain. "I t...

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