Vukile Property Fund is a retail REIT with a singular focus: the consumer. By driving shopper activity, it enhances tenant performance in its shopping centres, increases rental income and delivers superior investor returns through reliable, annuity-style cash flows from blue-chip tenants.

Listed on the JSE and NSX (VKE; VKN), Vukile owns a high-quality, consumer-focused portfolio across SA and the Iberian Peninsula in Spain and Portugal.

With assets of R54 billion and growing, it is currently the third-largest SA REIT by market cap and a trusted retail property leader.

The company aims to deliver sustainable earnings growth across all timelines through disciplined strategic delivery, capital allocation, data-led asset management and operational excellence.

Strategic market positioning

Vukile’s portfolio provides a robustly diversified income stream, with around two-thirds of assets and net property income generated in two of Europe’s major economic drivers –Spain and Portugal – through its 99.6%-held, BME Growth-listed subsidiary, Castellana Properties SOCIMI.

Its SA assets include township, rural, urban and commuter malls, serving some of the country’s most compelling consumer markets. This diversification provides stability and risk-adjusted returns while leveraging the strength of needs-based retail.

A distinct consumer-led model

The consumer is central to Vukile’s strategy. Its deep understanding of shopper behaviour and community dynamics enables it to create vibrant retail hubs that attract foot traffic, boost tenant sales and deliver long-term investor value. By tailoring centres to local needs, wherever they are located, Vukile builds shopper loyalty, dwell time and spend.

This alignment with retailers strengthens tenant relationships, drives occupancy and supports rental growth. The model maximises yields and long-term capital appreciation through proactive asset management.

Asset management and operational excellence

Vukile maintains a high-performing portfolio through strategic acquisitions, disposals and value-add upgrades. It uses data analytics and shopper insights to inform decisions, improve tenant mix, enhance efficiency, and deliver effective retail promotions that resonate with their communities.

The company tracks footfall, spend and tenant performance to guide its asset  management. Meanwhile, technology integration supports efficiencies as well as tenant and shopper engagement. With its leading market intelligence, Vukile’s proactive leasing sustains excellent occupancy and drives rental growth and escalations.

Portfolio overview

Vukile’s specialised retail property portfolio is positioned for growth. Its acquisition strategy enhances diversification and shareholder returns through selective, value-accretive deals. Recent growth has been concentrated in Europe, where the company expanded into Portugal alongside its growing asset base in Spain. A strong pipeline of aligned deals in both SA and Iberian markets is expected to close by mid-2026.

In SA, Vukile’s R17.7 billion retail portfolio spans close to 770 000 m^² of gross lettable area, anchored in township and rural markets, with high demand, low vacancies and strong trading. Vukile is a dominant player in key commuter and value retail nodes.

In Iberia, Vukile operates through Castellana Properties, now a top 10 retail landlord. Its €1.8 billion portfolio, covering nearly 570 000 m^², is underpinned by leases with leading global and national brands. Castellana’s Open Innovation strategy leverages proptech partnerships to stay ahead of evolving consumer trends.

Sustainability as a profit centre

ESG principles are embedded in Vukile’s strategic framework. The company aligns with international sustainability standards to build long-term resilience and stakeholder trust. In SA specifically, renewable energy projects – including solar PV installations and green power procurement – boost margins and support the path to carbon neutrality. Water and waste management initiatives further its sustainability goals.

Vukile promotes inclusion through initiatives such as the Vukile Retail Academy, which helps emerging retailers access mainstream shopping centres and leading business mentorship. It supports local businesses, invests in community upliftment, and drives diversity and leadership development across its workforce. Industry talent development is also advanced through the Vukile Academy.

Governance is a priority, with strong board oversight and ethical leadership. The company upholds rigorous cybersecurity and anti-corruption standards, with its commitment to global best practices supported by certifications from ESG benchmarks including GRESB, BREEAM and CDP.

Financial fortitude

Vukile has a robust, well-capitalised balance sheet and significant liquidity to fund its strategic growth pipeline. It is investment-grade rated in both SA and Spain, reflecting its financial strength.

Prudent debt management ensures sustainable loan-to-value and strong interest cover ratios, ensuring financial stability. Investors benefit from consistently attractive, inflation-hedged dividends, making Vukile a reliable income-generating investment.

Vision and strategy

Vukile’s strategy centres on optimising portfolio performance, enhancing asset quality and driving rental growth through active asset management. Data-led insight into consumers and tenants supports engaging retail experiences, driving Vukile’s investment in ESG, technology and new business models to future-proof its portfolio.

A disciplined approach to capital allocation and asset recycling sustains financial flexibility for accretive acquisitive growth and enhances long-term shareholder value.

Trusted for enduring value creation

Vukile offers a compelling investment case for those seeking well-diversified, high-quality cash flows on an annuity basis backed by the most robust retailers in Spain, Portugal and SA, with an exceptional line-up of leading names in global retail.

Its strategic discipline, market-leading performance and consumer-first approach position it strongly for continued growth.

+27 (0)11 288 1000
[email protected]
www.vukile.co.za