Vukile: Rapp’s reign in Spain makes profits grow
Investors who betted on retail-focused Vukile Property Fund are in the pound seats
The SA listed property sector had a dismal start to 2018 with a -18% total return year to date (to June 13).But not every property punter has lost money. Investors who betted on retail-focused Vukile Property Fund are in the pound seats. The share price is up 12% from its February lows of R19.65, and the company continues to deliver income growth.Last month, Vukile declared dividend growth of 7.7% for the year ending March, comfortably ahead of the 6% dividend growth expected for the listed property sector this year.More impressive is that management, under CEO Laurence Rapp, expects to maintain the momentum with dividend growth of 7.5%-8.5% forecast for the 2019 financial year. That’s not easy in this economic climate, where there’s been a marked deterioration in vacancies, rental growth, lease renewal rates and trading densities.Vukile’s local R13.2bn portfolio of 46 shopping centres has performed strongly for the 12 months ending March. At a time when most other SA mall owners ar...
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