Vukile not pressed to sell assets for the sake of paying off debt
CEO Laurence Rapp disagrees that property companies’ relative debt levels have to be within a certain range
Vukile Property Fund, the JSE-listed property group with assets across SA, Namibia and Spain, will not sell assets to pay off debt at the expense of the quality of its portfolio over the long term, says CEO Laurence Rapp.
He was speaking after the release of the company’s financial results for the six months to end-September 2020, in which Vukile provided Covid-19 lockdown relief worth R133m to tenants in Southern Africa and €15m (R274m) to tenants in Spain. Revenue and operating profit fell compared to the same period in 2019, largely due to the Covid-19 rent concessions. ..