Vukile To Invest More Than R340m In New Properties
VKE
VKE
Vukile To Invest More Than R340m In New Properties
Vukile Property Fund Limited
(Incorporated in the Republic of South Africa)
(Registration number 2002/027194/06)
JSE code: VKE & ISIN: ZAE000056370
VUKILE TO INVEST MORE THAN R340M IN NEW PROPERTIES
Johannesburg, 4 April 2006 - The board of property loan stock company Vukile
has approved new investments totalling more than R315 million as part of a
continuing drive to build its portfolio of quality properties. The company last
month announced the R34.4 million acquisition of the Oakhurst office building in
Parktown, Johannesburg, and is also busy with an R80 million expansion and
upgrade of its Phoenix Plaza and Dobsonville shopping centres.
The new investments include the acquisition of No 50, Sixth Road, Hyde Park in
Sandton for R57 million. This 4 181m2 property is well-located opposite the
Hyde Park Corner shopping centre in one of Sandton"s most sought-after areas.
The net acquisition yield is in excess of 9.5%.
Vukile will also be investing some R40 million in a 50% stake in the development
of a new mini-warehouse complex at Allandale between Johannesburg and Pretoria.
The Allandale site borders the proposed R11 billion Waterfall City development
as well as the existing Allandale Park and Sanitary City, both of which are
owned by Vukile. According to Vukile CEO Gerhard van Zyl, the Allandale
development will transform vacant land already owned by the company into a
flagship income-producing asset in a prime location. Net initial yield is
estimated at 9.5%.
For further information call Gerhard van Zyl, CEO Vukile Property Fund Limited
on (011) 288 1002
Issued by du Plessis Associates on behalf of Vukile Property Fund Limited.
dPA contact Helen McKane Tel : +27 11 728 4701, Fax: +27 11 728 2547, Mobile:
082 330 2034 or e-mail: vukile@dpapr.com
www.vukileprops.co.za
Date: 04/04/2006 11:00:08 AM 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 has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
