JSE-listed Vukile Property Fund achieved a 9.3% year-on-year increase in funds from operations (FFO) and dividends a share for the financial year ended March 31.
The specialist retail real estate investment trust’s performance exceeded guidance while it further strengthened its Iberian portfolio and undertook its first foray into Italy.
Through its 99.7%-owned subsidiary Castellana Properties, Vukile is invested in a €2.2-billion portfolio across Spain and Portugal.
During the year under review, it also acquired a 35% stake in Pradera, the pan-European retail fund and asset manager with €5-billion of assets under management.
Vukile entered the Italian market post year-end with an inaugural €115-million portfolio of three shopping centres, establishing its new Italian holding company Esperia Properties as a platform for further expansion.
