CHAMWE KAIRA
Vukile Property Fund has reported a South African Rand (ZAR)-denominated asset base of N$22.85 billion, supported by property assets, cash holdings and co-investment assets including those in Namibia.
According to financial asset data released by the company, the Namibia, Reimagine (South Africa) and Pradera (Europe) co-investment assets were valued at N$438 million, forming part of Vukile’s broader rand portfolio.
The ZAR (rand) portfolio comprises N$20.02 billion in property assets, N$2.39 billion in cash and the N$438 million co-investment portfolio. Against debt of N$7.28 billion, the portfolio maintains an asset-to-debt ratio of 3.1 times.
At a consolidated group level, Vukile reported total assets of N$44.78 billion compared with total debt of N$12.32 billion, resulting in an overall asset-to-debt ratio of 3.6 times.
The company’s euro-denominated portfolio recorded assets of N$21.928 billion against debt of N$5 billion, translating into an asset-to-debt ratio of 4.4 times.
The financial data also highlighted the performance of Castellana, Vukile’s Spanish retail property platform, which operates with debt that is non-recourse to Vukile.
Castellana’s total assets were valued at EUR39.387 billion, comprising N$36.351 billion in property assets and N$1.343 billion in cash. Against debt of N$13.9 billion, the platform recorded an independent asset-to-debt ratio of 2.8 times.
The non-recourse debt structure means that Castellana’s borrowings are secured against its own assets and do not represent direct obligations for Vukile at group level.
Vukile said the asset-backed balance sheet position reflects the strength of its diversified property portfolio across Southern Africa and Europe, supported by disciplined capital management and geographic diversification.
Vukile Property Fund is a specialist retail real estate investment trust (REIT) listed on the Namibian Stock Exchange. Vukileretains a 36% stake in MICC Properties, with its Namibian assets valued at about N$1 billion. Its remaining portfolio properties are managed by Gensec Namibia.
In 2022, the majority of its Namibian subsidiary (MICC Properties) was acquired by the Tunga Real Estate Fund, which is capitalised by the Government Institutions Pension Fund (GIPF) and managed by Old Mutual Investment Group Namibia.
The commercial assets include 269 Independence Avenue (Windhoek), Katutura Shopping Centre (Windhoek), Ondangwa Shopping Centre, Oshakati Shopping Centre, Oshikango Retail Centre and the Rehoboth Shopping Centre.
