Vukile Property Fund Limited · JSE:VKE
Vukile Property Fund — Investor Presentation (March 2025)
22 slides from Vukile Property Fund's investor presentation, Mar 31, 2025
Slide 1: Pre-Close Presentation FY25
PRE-CLOSE PRESENTATION FY25 31 March 2025 Building communities, growing value. 1
Slide 2: Agenda
Agenda 1. Introduction Laurence Rapp 2. South African retail portfolio overview and trading update Itumeleng Mothibeli 3. Castellana Properties overview and trading update Alfonso Brunet 4. Capital allocation and guidance Laurence Rapp 5. Questions and answers 2
Slide 3: Introduction
01 Introduction LAURENCE RAPP 3
Slide 4: A transformative year
01 INTRODUCTION PRE-CLOSE 31 MARCH 2025 A transformative year ▪ Exited our listed share exposure in: • Fairvest – sold remaining stake for c.R141 million and redeployed into accretive solar projects • Lar España - generating a profit of €82 million and an IRR in excess of 40% ▪ Lar España sale proce
Slide 5: South African retail portfolio overview and trading update
02 South African retail portfolio overview and trading update I T U M E L E N G M OT H I B E L I 5
Slide 6: Retail portfolio performance and trading environment
02 SOUTH AFRICAN RETAIL PORTFOLIO PRE-CLOSE 31 MARCH 2025 Retail portfolio performance and trading environment Portfolio performance overview ▪ Annual like-for-like NOI growth is projected to increase by 6.4% (FY24 5.4%), driven by FEB SEP MAR FEB SEP MAR sustained high occupancy, additional PV, ope
Slide 7: Retail category performance: year-on-year turnover growth
02 SOUTH AFRICAN RETAIL PORTFOLIO PRE-CLOSE 31 MARCH 2025 Retail category performance Environment of continued improvement in trade Year-on-year turnover growth ▪ All categories showing growth in trading densities, signaling positive trade across all asset segments Cell phones Density 7.7% Turnover
Slide 8: Retail portfolio trading environment and footfall
02 SOUTH AFRICAN RETAIL PORTFOLIO PRE-CLOSE 31 MARCH 2025 Retail portfolio trading environment and footfall Our focus on customer loyalty driving continued increasing footfall and sales ▪ Overall improvement in segmental portfolio trading density growth with 7.8% in Sales Footfall township, 4.4% in
Slide 9: Operating metrics & leasing activity
02 SOUTH AFRICAN RETAIL PORTFOLIO PRE-CLOSE 31 MARCH 2025 Operating metrics & leasing activity Continued vibrant leasing activity, supported by strong letting across all segments ▪ Most vibrant leasing activity 594 R R1.1 billion (both new and renewals) was in the township LEASES SIGNED RENT SIGNED
Slide 10: Castellana Properties overview and trading update
03 Castellana Properties overview and trading update ALFONSO BRUNET 10
Slide 11: Spain trading environment
03 CASTELLANA PROPERTIES PRE-CLOSE 31 MARCH 2025 Spain trading environment Spain’s economy continues to demonstrate strength, with solid growth across all key indicators Spanish economy grew by 3.2% in 2024 inflation closed at 2.8% According to the EPA (Active 2024, exceeding forecasts of 1.4%. (est
Slide 12: Portugal trading environment
03 CASTELLANA PROPERTIES PRE-CLOSE 31 MARCH 2025 Portugal trading environment The Portuguese economy remains stable, with good prospects According to BPI Research*, the Inflation slowed to 2.5% in January, The unemployment rate for 2024 was Portuguese economy surprised on with forecasts averaging at
Slide 13: Spain footfall and sales index
03 CASTELLANA PROPERTIES PRE-CLOSE 31 MARCH 2025 Spain footfall and sales index Sales and footfall numbers continue to achieve record levels FOOTFALL & SALES MONTHLY VARIATION 10% 9.2% FOOTFALL: 8% 6.9% 9.0% ▪ The Spanish portfolio reached a record of 46.5 million visits in 2024, representing an inc
Slide 14: Portugal footfall and sales index
03 CASTELLANA PROPERTIES PRE-CLOSE 31 MARCH 2025 Portugal footfall and sales index Sales and footfall trending positively across the Portuguese portfolio FOOTFALL & SALES MONTHLY VARIATION 15% 11.8% FOOTFALL: 10.1% 9.6% 8.5% ▪ Number of visits for the portfolio increased by 3.0% 10% 8.3% 8.4% during
Slide 15: Spain sales performance per tenant category
03 CASTELLANA PROPERTIES PRE-CLOSE 31 MARCH 2025 Spain sales performance per tenant category Sales continue to grow consistently in all categories € MILLION 250 7.5% 200 3.3% 150 2024 LfL Sales 2023 LfL Sales 100 6.0% 7.3% 50 0.1% 4.7% 4.2% 8.6% -9.1% 0 Homeware Fashion Food & Beverage Health & Beau
Slide 16: Portugal sales performance per tenant category
03 CASTELLANA PROPERTIES PRE-CLOSE 31 MARCH 2025 Portugal sales performance per tenant category Constant growth across categories € MILLION 160 5% 140 120 100 80 12% 2024 2023 60 9% 7% 5% 40 5% 20 1% 2% 16% 0 Fashion Other Retail Food & Beverage Services Homeware Health & Beauty Leisure & Adventure
Slide 17: Spain operating metrics & leasing activity
03 CASTELLANA PROPERTIES PRE-CLOSE 31 MARCH 2025 Spain operating metrics & leasing activity Outstanding metrics including exceptional rental increases, KEY KPI’S YTD 28th OF FEBRUARY 2025 collections and occupancy levels PORTFOLIO OCCUPANCY (iii) 31 JANUARY 2025 98.2% 158 R €10.9 million LEASES SIGN
Slide 18: Portugal operating metrics & leasing activity
03 CASTELLANA PROPERTIES PRE-CLOSE 31 MARCH 2025 Portugal operating metrics & leasing activity Positive metrics with steady growth across all levels (i) KEY KPI’S YTD 31st OF JANUARY 2025 (iv) 70 R €2.7 million PORTFOLIO OCCUPANCY LEASES SIGNED NEW RENT SIGNED 31 JANUARY 2025 97.9% 47 23 €1.9 millio
Slide 19: Capital allocation and Guidance
05 Capital allocation and Guidance LAURENCE RAPP 19
Slide 20: Accretive capital allocation transforms the mix of Vukile's asset base and income profile
05 CAPITAL ALLOCATION AND GUIDANCE PRE-CLOSE 31 MARCH 2025 Accretive capital allocation transforms the mix of Vukile’s asset base and income profile Expected year-end GAV ▪ Acquired three assets in Portugal in October 2024 for c.€176.5 million (i) at a yield of 9.27% and with a 38% LTV will generate
Slide 21: Outlook and Guidance
05 CAPITAL ALLOCATION AND GUIDANCE PRE-CLOSE 31 MARCH 2025 Outlook and Guidance ▪ With the Castellana Asset Base increasing by c.60% to €1.6 billion (now accounting for 65% of our GAV) we feel it is best to allow time for the team to focus on integration, optimisation and crystallising value from th
Slide 22: Questions and answers
06 Questions and answers 22
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