VKE - Vukile Property Fund Limited -Vukile Makes S
VKE
VKE
VKE - Vukile Property Fund Limited -Vukile Makes Substantial Namibian Investment
VUKILE PROPERTY FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number. 2002/027194/06)
JSE code: VKE
ISIN: ZAE000056370
VUKILE MAKES SUBSTANTIAL NAMIBIAN INVESTMENT
Johannesburg, 2 July 2007 - JSE-listed property loan stock company Vukile,
which last week announced that it had applied for a dual listing on the Namibian
stock exchange (NSX), has expanded its Namibian portfolio through the
acquisition of BPI House in Windhoek for approximately R113 million.
BPI House is an A-grade office and retail complex in the heart of the Windhoek
CBD. It has a total gross lettable area of 12 826m2 and a blue-chip tenant line-
up which includes the government of Namibia, Pick `n Pay, Truworths, Dunns,
Engen, Mobile Telecom Company and Ernst & Young. The anticipated net yield is
9.1% in the first year.
Chief executive Gerhard van Zyl said since the Vukile board had decided to
expand its presence in Namibia the company had looked at a number of investment
opportunities in that country. He noted that the Namibian economy was buoyant
and that with land and construction costs escalating, it was expected that gross
office and retail rentals in Windhoek could shortly exceed the R100/m2 level.
"BPI House, which was recently extensively upgraded, has a prime location
between Independence Avenue and Werner List Street, two of the busiest
thoroughfares in Windhoek. It also has very good tenants, with more than 70%
of the gross rent coming from national companies and government departments, and
a low vacancy rate," van Zyl said.
Vukile already owns seven commercial properties in Namibia with a combined gross
lettable area of some 50 000 m2 and a value of more than R250 million. The BPI
acquisition increases the company`s investment in Namibia to more than R360
million. Van Zyl said the scale of the investment demonstrates Vukile`s
confidence in Namibia as well as the desirability of a listing on the NSX. The
company`s total Southern African portfolio is worth almost R4 billion.
For further information call Gerhard van Zyl, CEO Vukile Property Fund Limited
on +27 11 288 1002
Issued by du Plessis Associates on behalf of Vukile Property Fund Limited.
dPA contact Frank du Plessis Tel : +27 11 728 4701, Fax: +27 11 728 2547,
Mobile: 082 641 0435 or e-mail: vukile@dpapr.com
www.vukileprops.co.za
Date: 02/07/2007 10:23:01 Produced by the JSE SENS Department.
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
