VKE - Vukile Property Fund Limited - Vukile looks to next growth phase

VKE - Vukile Property Fund Limited - Vukile looks to next growth phase          
Vukile Property Fund Limited                                                    
(Incorporated in the Republic of South Africa)                                  
Registration number 2002/027194/06                                              
ISIN: ZAE000056370                                                              
JSE Share code: VKE                                                             
NSX Share code: VKN                                                             
("Vukile" or "the company")                                                     
VUKILE LOOKS TO NEXT GROWTH PHASE                                               
Johannesburg, 29 June 2012 - Property loan stock company Vukile, which increased
its full year distribution to unitholders by 6.1% for the year ended 31 March   
2012, says the time is ripe to grow its portfolio far more aggressively than has
previously been the case.                                                       
In its integrated annual report, published today, chairman Anton Botha notes    
that at the end of the year, Vukile`s portfolio consisted of 72 properties worth
over R6.1 billion. Its market capitalisation had grown four-fold from the date  
of its listing eight years ago to over R5 billion at the end of the financial   
year and is now R6.7 billion.  "This has laid the foundation for our next growth
phase, which is to be more acquisitive and proactive in nature, while not       
diluting our focus from growing distributions to our unitholders," he says.     
Botha says Vukile is committed to remaining a diversified fund but with a       
special emphasis on the retail sector and will be exploring acquisitions of     
retail centres and joint venture development opportunities that would complement
the company`s existing portfolio make-up.  "We continue to believe in the       
strength and growth of retail in the emerging market - a view supported by the  
performance of our current retail assets - and will therefore primarily         
concentrate our expansion in this market segment."  He says market conditions   
have also become ripe for a consolidation of the listed property sector.        
In the same report, chief executive Laurence Rapp says the company has not      
excluded corporate activity as a means to grow the portfolio.  "Given our       
increased scale and improved liquidity, we are well positioned to take advantage
of any value-adding corporate transaction opportunity that may arise.           
Rapp says that Vukile`s equity raise, carried out as part of the company`s R1.5 
billion property acquisition from Sanlam, had resulted in Vukile welcoming many 
new unitholders. Additionally, Sanlam`s decreased stake in Vukile to less than  
6%, through inter alia, the sale of 70.2 million linked units to the Public     
Investment Corporation, has increased the company`s free float weighting from   
50% to 100%.  "We are now one of the most liquid stocks in the listed property  
sector," says Rapp.                                                             
Looking ahead, Vukile expects trading conditions to continue to be difficult in 
the year ahead.  "Based on management`s experience over the past few months it  
appears that the sector may have bottomed out and while it is still too early to
predict a recovery, it is encouraging to note that vacancy levels across the    
portfolio are beginning to improve.  The portfolio has performed well, despite  
these challenging conditions, and we are confident that we should again deliver 
reasonable growth in distributions in the coming year," Botha says.             
Unitholders are advised that the integrated annual report for the year ended 31 
March 2011, will be posted on 29 June 2012. The annual financial statements     
contained in the integrated annual report are identical to the audited results  
of the company which were released on SENS on Tuesday, 29 May 2012.             
Notice is hereby given that the annual general meeting of Vukile will be held in
the Vukile boardroom, First Floor, Meersig 1 Building, Constantia Boulevard,    
Constantia Kloof, 1709, Gauteng, at 09:00 on Friday 31 August 2012.             
The notice of annual general meeting is issued with the integrated annual       
report, which contains the annual financial statements of Vukile for the year   
ended 31 March 2012.                                                            
For further information contact Laurence Rapp, CEO Vukile Property Fund Limited,
on 083 266 3011.                                                                
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, Mobile: 082
330 2034 or  e-mail: vukile@dpapr.com                                           
website: www.vukile.co.za                                                       
29 June 2012                                                                    
JSE sponsor: Java Capital                                                       
NSX sponsor: IJG Securities                                                     
Date: 29/06/2012 09:01:01 Supplied by www.sharenet.co.za                     
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