Vukile increases its interim dividend
The group concluded its acquisition of 11 Spanish retail parks during the period under review
Vukile Property Fund’s CEO, Laurence Rapp, says the group’s defensive shopping centres are enabling it to outperform peers who own higher-end malls. In spite of a weak South African economy, the group managed to grow its dividends per share 7.4% during the six months to September, results showed on Monday. "This strong performance is in line with our market guidance and places us firmly on track to deliver forecast growth in dividends of between 7% and 8% for the year ending March 2018," said Rapp. Vukile’s Spanish expansion also began to gain momentum during the reporting period. Euro-denominated returns from these assets should help Vukile to achieve dividend growth of at least 8% for the financial year to March 2019. Vukile is an internally managed retail real estate investment trust (Reit) with total property assets and related property investments of R20.4bn. About R15.5bn, or 76%, is invested in Southern Africa, with shopping centres accounting for 91% of Vukile’s direct domes...
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