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Vukile was formed with the support of institutional vendors who, with their substantial experience and property resources, provided a base from which to create an attractive investment alternative in the listed property sector. Pursuant to the listing of Vukile's linked units on the JSE, Vukile became one of the largest South African PLS companies listed on the JSE, with a market capitalisation of approximately R1.3 billion.
The company’s market capitalisation has increased substantially to R3.97 billion as at 31 March 2010, representing an annualised increase of 24% per annum from the date of listing.
The group property portfolio as at 31 March 2010 consisted of 74 properties valued at R4.9 billion with a gross lettable area of 918
833m2.
There are 332 020 877 Vukile units in issue.
Our vision
Vision and Objective
To become a R10 billion market capitalisation company by the end of 2010.
Vukile’s primary objective is to acquire properties with strong contractual cash flows in order to achieve meaningful capital appreciation, long-term sustainability and growth in income distributions to its linked unitholders.
Core Values
Vukile subscribes to the following code values:
- To be fair and honest in all our dealings and always act with the
utmost integrity;
- To provide a good value for a fair return;
- To be innovative in everything we do; and
- To treat all stakeholders with dignity and respect.
Core Purpose
- To enable investors to experience the outstanding rewards of investing
in property.
Vision for property portfolio
We envisage the following core attributes for our property portfolio:
- The portfolio will be a "general" portfolio with no single
type of property dominating above the norm, i.e. the retail component
will not exceed 70%, the office component will not exceed 50% and the
industrial component will not exceed 30%.
- No single property will be larger than 15% or smaller than 2.5% of the
portfolio
- Acquisitions will not be considered if they are not yield enhancing,
except in exceptional circumstances
- Properties and/or portfolios with a yield higher than 200bps in excess
of the Vukile yield at the time of acquisition, will not be considered
(excluding refurbishment opportunities) except in exceptional
circumstances.
- Preference will be given to metropolitan areas.
- No properties smaller then R20 million will be acquired except if part
of a bigger portfolio.
- Properties will be well maintained.
- "Under Performing" properties (see Valuation Memorandum)
will be marketed actively and sold as soon as possible,
- No investment in vacant land will be made, unless a clear exit
strategy is put in place not more than 12 months ahead
- Our actions will be focused on achieving preferred landlord status for
Vukile.
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