Vukile Property Fund has returned to paying interim dividends, declaring 40.56 cents per share for its half-year to September 30.
The specialist retail real estate investment trust (Reit) also resumed market guidance, providing a forecast for its full-year dividend of at least 80c per share.
The resumption of dividends follows a resilient interim performance by Vukile’s shopping centre assets. Vukile’s assets of R33.4-billion are 49% held in South Africa, and 51% in Spain through its 82.5% held Madrid-listed subsidiary Castellana Properties Socimi.
According to chief executive Laurence Rapp said yesterday that the fundamentals of both businesses remained positive with highly diversified income streams provided by some of the leading retail businesses.
He said Vukile’s focus on operational excellence and building new competencies, capacity and cash reserves had delivered pleasing results. Armed with the significant cash balance of Castellana and proceeds from South Africa asset sales, Vukile could confidently resume its growth ambitions, he said.
“We’ve come through a tough time of Covid-19 and unrest, and this performance underscores the strength of our portfolio, business platform and balance sheet.
“Vukile is ready to pay dividends and restart its strategic, accretive growth journey in South Africa and abroad while remaining vigilant to pandemic-related disruptions,” he said.
