Vukile reinstates final dividend

Vukile Property Fund has had a remarkable year despite facing a myriad of challenges, including the COVID-19 pandemic, floods, civil unrest, looting, and global geopolitical tensions. CEO Lawrence Rapp attributes the success to the resilience and strength of the team, both in South Africa and Spain. The company reported higher revenues and profits, showcasing a very strong operational performance. Both businesses are trading ahead of pre-COVID levels, with a decrease in vacancies to all-time lows. In Spain, positive reversions are being experienced, highlighting the resilience of the market despite facing high inflation rates. The Spanish consumer has shown strong resilience post-COVID, with increased consumption expenditure. However, concerns about global macroeconomics, including inflation and the war in Ukraine, remain. Despite this, Vukile Property Fund remains confident in its ability to withstand challenges. The South African consumer market, although different from Spain, has also shown resilience. The company's diverse tenant mix and essential services have contributed to positive growth in trading densities and turnover. While cautious about rising interest rates, the company remains optimistic about the robust South African consumer market. Overall, Vukile Property Fund continues to navigate challenges and deliver strong performance in unpredictable times.