After clever asset management, which included a foray into Spain, Vukile Property Fund has been touted as a counter that may be worth a second look. The company has evolved since it listed in 2004 with exposure to retail in Randburg’s CBD. Led by CEO Laurence Rapp, it now owns property assets worth R32.3bn. Half of its exposure is in Southern Africa, with assets in SA and Namibia. Vukile owns a direct property portfolio made up of 91% retail assets, which is worth R14.8bn, as well as stakes in two listed SA companies, Fairvest and Gemgrow, worth R620m and R780m respectively. These have performed "acceptably" over the past year, Rapp says. The SA and Namibian retail assets achieved 5.1% like-for-like growth in net property income and positive rental reversions of 4.3% in the six months to September. Retail vacancies were stable at 3.4%, lower than the market average of about 4.2%. Retail trading densities grew 1% overall, exceeding the SA Property Owners Association September average...

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