Latest news with #Vukile
IOL News
24-07-2025
- Business
- IOL News
Transforming retail: Daveyton Mall introduces new multi-tenant emporium for small businesses
Daveyton Mall, first opened in 1993, is one of South Africa's first township malls. It has launched a new emporium. Image: Supplied Vukile Property Fund, a specialist consumer-led retail real estate investment trust (REIT), has launched a new multi-tenant emporium at Daveyton Mall. 'We're invested in more than shopping centres. We're invested in the communities they serve. The success of our centres is grounded in understanding local needs, and meeting and exceeding them,' says Laurence Rapp, CEO of Vukile Property Fund. "With a customer-first approach, we co-create retail spaces and experiences that genuinely reflect and serve their unique communities while celebrating local talent, culture, community and innovation. The Vukile Retail Academy is a tangible expression of that philosophy." This was said to be part of the next phase of its game-changing Vukile Retail Academy. The project is said to bring fresh, community-driven retail experiences to local shoppers while helping small businesses grow into sustainable enterprises. Now in its third year, the Vukile Retail Academy delivered on its founding aim of providing access to formal retail for promising entrepreneurs. Participants receive rent-free premises, fit-out support and hands-on mentorship. The initiative forms part of Vukile's wider commitment to inclusive growth, tenant diversity and shared opportunity across the retail ecosystem. Matching retail strategy with community needs was said to be at the heart of Vukile's singular business model. It's popular, high-performing shopping centres, 33 of them in South Africa and the 20 retail assets abroad in Spain and Portugal, serve as platforms for local growth in each location. They do this by supporting entrepreneurs, integrating cultural identity, and fostering loyalty through authentic engagement. This customer-centric, community-first approach is changing the retail landscape. Launched in 2022, the Vukile Retail Academy programme has already made a measurable impact. The first intake of eight entrepreneurs received 1,035 sqm of retail space to trade from across four shopping centres, along with tailored business and operational support. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. 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Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ Mentorship focused on developing a resilient business mindset, enhancing store operations and building customer engagement strategies From the 2023 Dobsonville cohort, Fakizinto Concepts and Zanwabo Cakes became full-time tenants. In 2024, four businesses from Randburg Square-Lonja Beauty Studio, Edenvinne, Vero's Cake and Jeleni & Phindi Art Studio-have also joined the formal tenant mix, underlining the Vukile Retail Academy's role in long-term tenant development. 'We're seeing dreams become sustainable businesses,' says Itumeleng Mothibeli, MD SA at Vukile. 'At the heart of the Vukile Retail Academy is a belief in people and potential. "This programme is about removing barriers, nurturing talent and actioning our deep commitment to building the next generation of retailers, who will shape the future of South African retail." This year, the Vukile Retail Academy introduces an emporium-style space at Daveyton Mall, bringing five small businesses under one roof. The shared space allows entrepreneurs to share costs, test products and grow visibility in an animated, high-footfall retail setting. These up-and-coming brands in the new emporium are: Seven Heartbeats: A cultural lifestyle brand blending contemporary fashion with traditional African design. Cossen: African-inspired fashion and footwear with live shoemaking experiences. Thesis Lifestyle: A Soweto-born streetwear brand celebrating township pride. A tech-driven edutainment hub promoting digital learning and innovation. PeaPrido Elegance Events: A Daveyton-based events company delivering personalised, high-quality experiences. Some of these businesses are expanding from existing markets or online platforms, with each coming with its own story, contributing fresh energy and relevance to the mall's offering. The Daveyton Mall, first opened over three decades ago, is one of South Africa's first township malls. It was recently upgraded and extended by Vukile and stands as a modern reflection of the colourful heritage of its community. The new design celebrates local culture through architectural features, murals and art installations. This culturally rich environment creates a powerful platform for a retail experience that truly belongs to its people. Reflecting its role as a community anchor, the mall's redevelopment included significant local participation, resulting in a retail centre that does more than serve the community; it reflects and empowers it. Its trailblazing new emporium of entrepreneurs extends this ethos. At Vukile, retail is about people before products. The Vukile Retail Academy reflects its longer-term ambition to help shape a retail sector that mirrors the depth and potential of South Africa's entrepreneurial talent. 'This flagship initiative is rooted in our commitment to building a retail ecosystem where local talent thrives and communities feel seen, supported and proud. It's about creating lasting partnerships for a better South Africa,' Rapp said. Business Partners Limited said South African small and medium enterprises (SMEs) have had a tumultuous few years, affected by a broad spectrum of political and economic issues. Despite these challenges, it said many business owners managed to keep their businesses afloat, and some have even found opportunities for growth and development. A crucial factor in the success of many of these businesses was having a proactive plan to address the challenges they encountered, it said. In May, Jeremy Lang, Managing Director at Business Partners Limited, said only one in five SMEs manages to secure the financial support they need to grow their businesses. He said in South Africa, 87% of small businesses have never accessed credit due to traditional lending practices like reliance on collateral and rigid credit scoring systems, creating financial exclusion. "This exclusion is particularly pronounced among small and early-stage enterprises, which make up the 'missing middle' of SMEs and don't fit traditional financiers' one-size-fits-all requirements." Independent Media Property
IOL News
22-07-2025
- Business
- IOL News
Property owners challenge City's new proposed fixed charges in court
Mayor Geordin Hill-Lewis at a council meeting where he tabled the draft budget for 2025/2026. Image: City of Cape Town/Supplied THE constitutionality of the City's decision to link certain fixed charges to property values in its amended Budget for 2025/26 will come under the spotlight when the South African Property Owners Association (SAPOA) hauls the DA-led administration to court. The organisation has taken issue with the City's cleaning tariff, the fixed water charge, and the fixed sanitation charge, saying these three items of the budget were in fact property rates imposed outside of the legislation which governs the imposition of such rates. However, Mayor Geordin Hill-Lewis believes that the court application is an attempt to go back to a system of regressive taxation which hits ordinary families, and the poor, the hardest. SAPOA's membership currently comprises more than 90% of the country's commercial and retail property industry, including some of the largest property-owning companies in South Africa. The properties owned by their membership include the V&A Waterfront (co-owned by Growthpoint), Canal Walk Shopping Centre (owned by Hyprop), Cape Gate Shopping Centre (owned by Hyprop), Table Bay Mall (owned by Hyprop), Tyger Valley Shopping Centre (co-owned by Pareto), Blue Route Mall (owned by Redefine), Gugulethu Square (owned by Vukile), Atlantis City Shopping Centre (owned by Vukile), Sable Square Shopping Centre (owned by Spear), and Cavendish Square (owned by Old Mutual). In his founding affidavit, SAPOA chief executive Nilesh 'Neil' Gopal said that the board resolved to take legal action to have the budget declared unconstitutional and invalid. Video Player is loading. 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Advertisement Next Stay Close ✕ 'They contravene the applicable constitutional and national legislative framework applicable to the imposition of rates and the levying of tariffs for municipal services,' he said in papers. Gopal added that while they acknowledge the city's rebates that they offer, it mostly is to aid pensioners and isn't sufficient to offset the impact the tariffs will have on them. 'These reductions and rebates do not detract from the fact that the three items are unlawful and should not have been introduced in the first place: A reduction or a rebate cannot save a charge which was unlawfully imposed,' he said. Gopal maintained that the continued rise in municipal costs had a significant detrimental effect on the costs of occupancy faced by tenants in commercial/retail properties. 'My point is that the systems of exemptions, reductions, and rebates established by the City under the Cleaning Tariff (as well as the Fixed Water Charge and the Fixed Sanitation Charge) are different from the Rates Act. It relies, however, on the General Valuation Roll ("GV Roll') established under the Rates Act. It is an impermissible parallel system of rates. 'For all these reasons, the Cleaning Tariff, while purporting to be a service, is a rate, but an unlawful one, because it does not comply, or even follow the scheme let alone the letter of the Rates Act,' he added. The relief SAPOA is seeking is to have the budget declared invalid. However, the order of invalidity should be suspended for two months to allow the city to deal with the revenue shortfall that will result from the invalidity of the three items. Hill-Lewis said the city cannot agree that wealthy property owners should be charged the same as lower-income or middle-class households. 'This would be regressive, would place a disproportionate burden on ordinary families, and would be patently unfair. 'The city's budget protects homes under R2,5m and extends rates relief to many more middle-class homes, all while preserving the city's critical infrastructure and service investments,' said Hill-Lewis. If SAPOA were to succeed in their argument, the effect would be 'to have ordinary families effectively subsidising the wealthiest property owners', said Hill-Lewis. 'Fixed charges linked to property value are a lawful, fairer, and equitable way for Capetonians to contribute within their means to our city's infrastructure programme and fixed service costs. Cross-subsidising – where the better off among us help to fund services for the less fortunate – is the only sustainable way to ensure a working city of hope for all,' said Hill-Lewis. The Cape Town Collective Ratepayers' Association (CTCRA), an association with 56 ratepayer associations and civic organisations from across Cape Town, has thrown its weight behind SAPOA's decision, saying: 'This case is not just of importance to the ratepayers of Cape Town. If left unchallenged, there is a realistic possibility that other municipalities in South Africa will adopt CoCT's methods. It is critical that the rule of law, fairness in service delivery, and constitutional accountability are upheld – not just for our city, but for the nation.' Cape Times
IOL News
21-07-2025
- Business
- IOL News
Court battle looms as SAPOA contests Cape Town's controversial budget
Cape Town Mayor Geordin Hill-Lewis. Image: File While the City of Cape Town (CoCT) is proudly touting its amended Hope Budget for 2025/26, the South African Property Owners Association (SAPOA) is taking legal action over the city's decision to link certain fixed charges to property values. Even before being adopted in council, the city's budget has faced considerable criticism over its fixed charges, over which SAPOA will now be challenging in the Western Cape High Court. In his founding affidavit, SAPOA CEO Nilesh 'Neil' Gopal said that the board resolved to take legal action seeking to challenge three items in the budget, namely the Cleaning Tariff, the Fixed Water Charge, and the Fixed Sanitation Charge. They are hoping to have the budget declared unconstitutional and invalid. 'They contravene the applicable constitutional and national legislative framework applicable to the imposition of rates and the levying of tariffs for municipal services. Because they are linked to property values, the three items of the budget are in fact property rates imposed outside of the legislation which governs the imposition of such rates,' he said in papers. Gopal argued that the three items are inconsistent with the Constitution. SAPOA's membership currently comprises more than 90% of the country's commercial and retail property industry, including some of the largest property-owning companies in South Africa. The properties owned by their membership include the V&A Waterfront (co-owned by Growthpoint), Canal Walk Shopping Centre (owned by Hyprop), Cape Gate Shopping Centre (owned by Hyprop), Table Bay Mall (owned by Hyprop), Tyger Valley Shopping Centre (co-owned by Pareto), Blue Route Mall (owned by Redefine), Gugulethu Square (owned by Vukile), Atlantis City Shopping Centre (owned by Vukile), Sable Square Shopping Centre (owned by Spear), and Cavendish Square (owned by Old Mutual). In the court papers, they added that litigation was a last resort. Gopal added that while they acknowledge the city's rebates that they offer, it mostly is to aid pensioners and isn't sufficient to offset the impact the tariffs will have on them. 'These reductions and rebates do not detract from the fact that the three items are unlawful and should not have been introduced in the first place: A reduction or a rebate cannot save a charge which was unlawfully imposed,' he said in his founding affidavit. Gopal added that the continued rise in municipal costs has a significant detrimental effect on the costs of occupancy faced by tenants in commercial/retail properties. 'My point is that the systems of exemptions, reductions, and rebates established by the City under the Cleaning Tariff (as well as the Fixed Water Charge and the Fixed Sanitation Charge) are different from the Rates Act. It relies, however, on the General Valuation Roll ("GV Roll') established under the Rates Act. It is an impermissible parallel system of rates. 'For all these reasons, the Cleaning Tariff, while purporting to be a service, is a rate, but an unlawful one, because it does not comply, or even follow the scheme let alone the letter of the Rates Act,' he added. The relief SAPOA is seeking is to have the budget declared invalid. However, the order of invalidity should be suspended for two months to allow the city to deal with the revenue shortfall that will result from the invalidity of the three items. Mayor Geordin Hill-Lewis said the city cannot agree that wealthy property owners should be charged the same as lower-income or middle-class households. 'This would be regressive, would place a disproportionate burden on ordinary families, and would be patently unfair. 'The city's budget protects homes under R2,5m and extends rates relief to many more middle-class homes, all while preserving the city's critical infrastructure and service investments. In contrast, this court application by the richest of the rich property portfolio holders seeks to go back to a system of regressive taxation which hits ordinary families, and the poor, the hardest,' said Hill-Lewis. He added that if SAPOA were to succeed in their argument, the effect would be 'to have ordinary families effectively subsidising the wealthiest property owners'. 'Fixed charges linked to property value are a lawful, fairer, and equitable way for Capetonians to contribute within their means to our city's infrastructure programme and fixed service costs. Cross-subsidising – where the better off among us help to fund services for the less fortunate – is the only sustainable way to ensure a working city of hope for all,' said Hill-Lewis. Meanwhile, the Cape Town Collective Ratepayers' Association (CTCRA), an association with 56 ratepayer associations and civic organisations from across Cape Town, has commended SAPOA. 'This case is not just of importance to the ratepayers of Cape Town. If left unchallenged, there is a realistic possibility that other municipalities in South Africa will adopt CoCT's methods. It is critical that the rule of law, fairness in service delivery, and constitutional accountability are upheld – not just for our city, but for the nation.' [email protected]
Zawya
18-06-2025
- Business
- Zawya
South Africa: From local to international, Vukile's impressive 2025 earnings leap
Vukile Property Fund has emerged from a transformative year with more than 60% of its income now derived offshore, a result of bold expansion into Portugal and strategic capital rotation in Spain — moves that have cemented its presence in two of Europe's most resilient consumer economies. Backed by operational excellence and a clear capital strategy, the group delivered strong financials for the year ended 31 March 2025. Laurence Rapp, chief executive officer of Vukile Property Fund, said he was pleased with the results in what he described as "a transformative year, distinguished by accretive strategic growth and capital rotation". "This outstanding performance validates Vukile's strategy, expands its earnings base and positions the business for compounding future growth,' he said. Delivering on its market guidance, Vukile achieved 3% growth in full-year funds from operations (FFO) per share and increased its dividend per share (DPS) by 6%. This mainly due to its superior dealmaking, ongoing operational excellence, and decisive and disciplined capital deployment. Furthermore, it announced upgraded FY26 guidance, forecasting growth of at least 8% in both FFO per share and DPS. It's total property assets now exceed R50bn, reflecting an ambitious yet tightly focused investment strategy. Iberian expansion accelerates During the year, Vukile grasped a golden window of opportunity that expanded its Iberian direct asset base by nearly 60%, consolidating its footprint across two of Europe's most resilient consumer economies. Now, 65% of the group's assets, and an expected 60% of its net property income is derived offshore. Vukile entered Portugal during the year through its 99.6% held Spanish subsidiary Castellana Properties. The fully-funded multi-asset entry capitalises on Portugal's strong economic growth and fragmented retail property sector that is ripe for consolidation, mirroring opportunities seized in Spain. Continuing its creative dealmaking, in Spain Vukile exited its investment in Lar España with a capital profit of €82m, concurrently redeploying the proceeds into acquiring the Bonaire Shopping Centre in Valencia with a cash-on-cash return exceeding 8% thereby enhancing sustainable earnings. Retail portfolio resilience Vukile closed the year with an investment portfolio of 33 urban, commuter, township and rural malls in South Africa,15 shopping centres and retail parks in Spain and five shopping centres in Portugal. 'In South Africa, Vukile's robust operating platform yet again delivered outstanding results,' notes Rapp. Valued at R16.7bn, Vukile's defensive, dominant South African retail portfolio delivered strong performance and growth. The value of its retail portfolio rose by 8.5%, while like-for-like net operating income increased by 6.4%. Vacancies remain exceptionally low at 1.7%, supported by active letting, with positive rental reversions of 2.4%. Notably, 85% of leases were signed at the same or higher rental levels, with tenant retention at 91%. Growth, efficiency, sustainability The total portfolio recorded trading density growth of 5.2% - with its township and rural portfolio outperforming at 6.7% - driven by Vukile's shopper-first approach, which continues to boost footfall and sales. The portfolio's cost-to-income ratio was 15.3% - its lowest level in a decade – reflecting proactive cost management, with the benefit of solar energy contributing to significant efficiency gains. Vukile's solar PV rollout in South Africa has been highly successful, boosting margins and advancing its path to carbon neutrality. Over the year, solar capacity grew by 67%, with 14.4MWp added to the existing 21.6MWp. Solar power now supplies 27% of the portfolio's energy needs. Vukile has identified a further 10.6MWp of solar projects for FY26 and is finalising the agreements for two wheeling projects totalling 2MWp. Adding value to its South African portfolio through acquisitions and developments, Vukile's R113m redevelopment of Mall of Mthatha (formerly BT Ngebs), in which Vukile acquired a 50% stake in May 2024, has delivered strong early performance, with the vacancy rate dropping from 16% when acquired to just 2%. The highly accretive project is set for completion in September 2025. The comprehensive R141m Bedworth Centre strategic upgrade in Vanderbijlpark, delivered a high-convenience, community-focused retail destination with enhanced tenant mix, aesthetics, amenities, access and security. Vukile's well-established investment in Spain, together with its new investment in Portugal has clearly cemented Castellana's position as a market leader, capitalising on the advantages of the region's status as a European growth powerhouse. The Economist ranked Spain as Europe's top-performing economy in 2024, with GDP growth of 3.2% and forecasts of 2.3% in 2025. The country's economic growth is fuelled by strong household spending. Disposable income rose by 8.7%, supported by higher salaries, employment and savings levels. Additionally, tourism hit a record €126bn with 94 million visitors. Portugal's economy outperformed expectations with 1.9% growth in 2024, driven mainly by household consumption, with record-high employment levels, real wages increasing and high disposable income. Private consumption rose 3.2% in 2024. Growth is forecast at 2.3% in 2025. Like Spain, Portugal is benefiting from easing inflation, projected to fall to 2.3% in 2025. Castellana's R32.9bn, 20-asset Iberian portfolio remains effectively fully let, with marginal vacancies of around 1% and 95% of space let to blue-chip international and national tenants. Portfolio like-for-like net operating income grew 6.4%. It achieved high positive rental reversions and new lettings of 17.31%. The portfolio has a weighted average lease expiry of 8.8 years. Excellent trading metrics featured across the portfolio, with footfall up 2.4% and sales increasing by 4.3%. 'Castellana's on-the-ground presence and expertise has added substantial value to the Iberian portfolio. This year has been one of rapid growth in the region, and our priority is to crystalise potential in our newly acquired assets and deepen value within our existing footprint.' says Rapp. Strength, stability, strategy Vukile's balance sheet remains exceptionally strong, with a stable LTV of 40.95% and an increased ICR of 2.9-times. The REIT enters FY26 with a well-hedged balance sheet and minimal debt maturities of less than 2% of group debt in FY26, as well as a very healthy liquidity position, with cash and undrawn facilities of R4.6bn. Vukile has an AA(ZA) corporate rating reaffirmed by GCR with a positive outlook. Fitch has awarded Castellana an international investment-grade credit rating of BBB- also with a positive outlook. Over the year, Vukile increased its green and sustainability-link debt by 69% from R1.3bn to R2.2bn, aligning its funding strategy with its continued commitment to ESG goals. Rapp concludes, 'Vukile is in a strong position, underpinned by a clear strategy, a proven operating platform, a strong balance sheet, high-quality assets and disciplined capital management. "It is well placed to deliver sustainable real growth by maintaining operational excellence, advancing value-added projects within existing portfolios and pursuing further opportunities in our core markets. We are committed to our proven scalable consumer-led model to create value for all our stakeholders.' All rights reserved. © 2022. Provided by SyndiGate Media Inc. (
IOL News
17-06-2025
- Business
- IOL News
Vukile Property Fund reports strong annual results and forecasts higher growth for 2026
Laurance Rapp is the CEO of Vukile Property Fund. Image: Supplied Vukile Property Fund, the specialist retail estate investment trust, has upgraded its guidance by 8% for 2026 as it produced a robust set of results for the financial year ended March 31 2025. Delivering on its market guidance, Vukile achieved 3% growth in full-year funds from operations per share and increased its dividend per share by 6%. Laurence Rapp, the CEO of Vukile Property Fund, said, 'We are pleased to report strong results in a transformative year, distinguished by accretive strategic growth and capital rotation. This outstanding performance validates Vukile's strategy, expands its earnings base and positions the business for compounding future growth.' Vukile's, with total property assets now exceeding R50 billion, is evolving into a more international business with growing exposure to hard currency earnings emanating from blue-chip tenants and well diversifed across macro-economic drivers. Rapp explained the year had been transformative after Vukile exited its listed share exposure in Fairvest and sold remaining stake for R141 million and redeployed into accretive solar projects and exited Spain's Lar España thus generating a capital gain of €82 million (R1.7 billion),. Lar España sale proceeds together with proceeds from R1bn equity raise in February 2024 and a R1.5bn capital raise in September 2024, allowed Vukile to acquire three assets in Portugal for €176.5m. It acquired 50% of Alegro Sintra in Lisbon for €83.4m and also acquired the Bonaire shopping centre in Valencia, Spain for €305m. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. 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Now, 65% of the group's assets, and an expected 60% of its net property income is derived offshore Vukile closed the year with an investment portfolio of 33 urban, commuter, township and rural malls in South Africa,15 shopping centres and retail parks in Spain and five shopping centres in Portugal. In Spain and Portugal, portfolio occupancy stood at 98.4% with 95% of retail space let to international and national tenants. It saw like-for-like gross rental income growth of 5% and net operating income growth of 6.4%. Rapp said in South Africa, Vukile's robust operating platform "yet again delivered outstanding results". Valued at R16.7 billion, Vukile's defensive, dominant South African retail portfolio delivered strong performance and growth. The value of its retail portfolio rose by 8.5%, while like-for-like net operating income increased by 6.4%. Vacancies remained exceptionally low at 1.7%, supported by active letting, with positive rental reversions of 2.4%. Notably, 85% of leases were signed at the same or higher rental levels, with tenant retention at 91%. The total portfolio recorded trading density growth of 5.2% - with its township and rural portfolio outperforming at 6.7% - driven by Vukile's shopper-first approach, which continues to boost footfall and sales. The portfolio's cost-to-income ratio was 15.3% - its lowest level in a decade – reflecting proactive cost management, with the benefit of solar energy contributing to significant efficiency gains. In South Africa in April 2024 Vukile acquired 50% of Mall of Mthatha, previously known as BT Ngebs, for R400 million and invested a further R113 million to upgrade and refurbish the centre. Vukile said the Mall of Mthatha has delivered a "strong early performance", with the vacancy rate dropping from 16% when acquired to just 2%, adding that the highly accretive project is set for completion in September 2025. The comprehensive R141million Bedworth Centre strategic upgrade in Vanderbijlpark, delivered a high-convenience, community-focused retail destination with enhanced tenant mix, aesthetics, amenities, access and security. Meanwhile, looking at Vukile's solar PV rollout in South Africa, over the year, solar capacity grew by 67%, with 14.4MWp added to the existing 21.6MWp. Solar power now supplies 27% of the portfolio's energy needs. Vukile said it has identified a further 10.6MWp of solar projects for 2026 and is finalising the agreements for two wheeling projects totalling 2MWp. The balance sheet remained sound with significant available cash balancesof R2.1 billion and undrawn debt facilities of R2.5 billion. BUSINESS REPORT Visit:
