Vukile Property Fund to say ‘adiós Namibia’ and ‘hola Spain’

29 January 2020 - 19:42JSE-listed real estate investment trust Vukile Property Fund will sell its Namibian assets valued at nearly R1bn by the end of 2020, saying it will focus mainly on SA and Spain.

Vukile first invested in Spain in 2017, so that the fund would be protected against a weak and volatile SA economy. The group has since acquired interests in two Spanish portfolios through its partner Castellana Properties, which had performed better than expected, it said. Castellana would also acquire equity worth €100m , which would reduce its LTV by 1.8%. This would leave Vukile with an LTV of 34.7%.

Vukile still owns a 34.9% stake in UK industrial property owner Atlantic Leaf properties, worth about R1bn, which is not held for sale. The company said it is satisfied with the operations and strategic direction of Atlantic Leaf. It would consider an exit at the right price to redeploy funds into Spain, CEO Laurence Rapp said.

Source: News Formal (newsformal.com)

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