Vukile Property Fund is a real estate investment trust (Reit) with a reasonably long track record of operation since being formed and listed on the JSE back in 2004. The fund has invested in some prominent shopping centres and its property portfolio includes a 50% undivided share in East Rand Mall, which it co-owns with Redefine Properties, Dobsonville Shopping Centre in Soweto and Randburg Square, which has recently undergone an upgrade.CEO Laurence Rapp has done a good job of transitioning the fund from one that was predominantly office-focused into one that now has a 90% retail presence. The SA property portfolio at March 31 2017 consisted of 67 properties with a total market value of R13.1bn (excluding the 20% non-controlling interest in Moruleng Mall) and gross lettable area of 936,459m², with an average value of R196m per property. Management’s efforts have been dedicated to improving the quality of the portfolio through disposal of non-core assets; increasing the fund’s weigh...
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