The company achieved continuous growth for 15 years. The distributable income increased by 23.3% compared with the first half of the year, reaching 7135 million rand, and the net asset value increased to 2027 cents per share.
This result reflects the diversified income brought by Vukile's remarkable investment growth in Spain. This growth does not show signs of immediate improvement in the domestic business environment without any difficulty, but it improves its overall profit and the retail property portfolio in South Africa.
Laurence Rapp, CEO of Vukile Real Estate Fund, pointed out that this is another important period for Vukile. Vukile currently owns 50% of its overseas real estate assets of 2.323 billion euros, of which 46% is owned by Castellana real estate company SociMisa (BME: YCPS) in Spain, 4% by Atlantic Leaf (JSE: ALP) in the UK and 50% in southern Africa.
During this period, Vukile acquired five shopping centers, four of which were acquired from UniBail-Rodamco-Westfield (AMS: URW), and its investment in Spanish real estate increased from 308 million euros to about 900 million euros.
The company's assets in southern Africa are worth 65.438+062 billion rand, including 6.62 billion rand investment in Fairvest Property Holdings (JSE: FVT) and 7.88 billion rand shares in GEM Growth Properties (JSE: GPA: GPA). The directly held local investment portfolio is worth 654.38+04.5 billion rand, of which 965.438+0% includes retail assets. The net property income of these retail assets increased by 5. 1% year-on-year, while the positive rental return rate was 4.3%. The retail vacancy rate is stable at 3.4%, which is about 4.2% lower than the market average. The overall retail trade density increased by 1%, exceeding the average level of 0.2% in Sapoa in September.
According to Lapp, the transaction density of rural and township shopping centers in Vukile increased by 3. 1% and 2. 1% respectively, while the transaction density of urban centers decreased by 0.8% as a whole.
Vukile has made progress in the R200m upgrading project of Pinecrest Shopping Center in KwaZulu-Pinetown, natal province, which will make the total leasable area from 40, 100m? Increase to 45,200m? , the increase is more than 10%. The center will be restarted and renamed in May 20 19.
The company also spent 392 million rand to redevelop Maluti Crescent in Phuthaditjhaba, which increased the total rentable area of the center by 57% to meet the growing demand. The yield of this project is 8. 1%, and it is expected to be completed in April 20 19.
In late June, 5438+065438+ 10, Vukile transferred 39,450 square meters of Kolonnade retail park in Pretoria and bought it for 470 million rand.
Evan, fund manager of the old mutual investment group? Evan Robbins said that Wu Keeler's performance was excellent on many levels.
? This is a very reliable set of results in a series of indicators. The dividend outlook is at the bottom of the interval guidance provided before, but considering the current environment, this is good. He said.
Vukile had predicted that dividends would increase by 7.5% to 8.5% in the fiscal year ending March 20 19. However, the company has now changed this guidance and expects the total dividend for the whole fiscal year ending March 30 to increase by about 7.5%.
Vukile College recently launched an initiative to promote transformation-Vukile College, which identified 45 students who participated in various courses in the real estate industry and provided them with scholarships for the 20 18 academic year with an investment of 5 million rand. 10 The best candidate for financial aid will get a one-year internship in Vukile in 20 19.