Vukile - Vukile reaches for new opportunities from
VKE
VKE
Vukile - Vukile reaches for new opportunities from solid growth platform
Vukile Property Fund Limited
(Incorporated in the Republic of South Africa)
(Registration number 2002/027194/06)
Share code: VKE & ISIN: ZAE000056370
VUKILE REACHES FOR NEW OPPORTUNITIES FROM SOLID GROWTH PLATFORM
Johannesburg, 29 June 2006 - Property loan stock company Vukile will focus
on the further growth and enhancement of its R3.5 billion property portfolio in
the coming year, chairman Anton Botha and chief executive Gerhard van Zyl say in
the 2006 annual report published today.
The company will not only continue to expand and upgrade its existing properties
but will also actively pursue new investment opportunities capable of meeting
its yield criteria. In addition, they say, Vukile will give priority to the
full integration of 98.9% owned subsidiary MICC, with particular emphasis on
reducing that company"s long-term debt costs, seek to improve the liquidity of
Vukile linked units, and leverage Vukile"s recently acquired BEE credentials.
Vukile posted robust results for the year to March, increasing distributions by
more than 11% on the back of a strong property performance and the contribution
from MICC. The report notes that the year was also marked by the successful
launch of a securitisation programme which has shaved R9 million per annum off
its long-term debt costs; the introduction of a significant BEE shareholder
which has enabled it to achieve its five-year BEE equity target immediately;
and the decision to invest some R230 million in the acquisition of new
properties and the expansion of existing ones.
"Given the sound platform that has been built this year, and the opportunities
that are now within Vukile"s reach, the board is optimistic that the current
favourable trading conditions and the anticipated further savings in debt costs
generated by the securitisation project should reflect positively in the
distributions for the year ending 31 March 2007," the report says.
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, or e-mail:
vukile@dpapr.com
www.vukileprops.co.za
Date: 29/06/2006 01:00:02 PM Produced by the JSE SENS Department
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