Laurence Rapp-led Fund Surpasses 2.5 Billion In Assets

Vukile Property Fund's asset base grew to over 2.5 billion, driven by strategic expansion in Spain and Portugal and divestment from non-core assets.

The 82 million 90.6 million profit from selling Lar Espaa was reinvested into high-yield assets, boosting offshore earnings to 60 of total income.

Vukile's growth strategy includes the acquisition of Valencia's Bonaire Shopping Centre, expanding its portfolio in Spain and Portugal with no new equity needed.

Vukile Property Fund Limited, the Johannesburg-listed REIT led by South African executive Laurence Rapp, has achieved a major milestone, growing its asset base to more than 2.5 billion. This growth was largely driven by an aggressive expansion in Spain and Portugal, as well as the companys decision to divest from non-core assets.

One of the key highlights of this expansion was the 82 million 88.7 million profit from the sale of its stake in Lar Espaa, which was immediately reinvested into high-yield assets, including the Bonaire Shopping Centre in Valencia. These moves have significantly bolstered Vukiles offshore earnings, now accounting for 60 percent of the groups total income.

The Johannesburg-based property fund saw its assets grow from R44.24 billion 2.24 billion in 2024 to over R50 billion 2.5 billion, putting it on track to meet its full-year goals. In its pre-close update for the full-year 2025 , the companylisted on both the Johannesburg and Namibia stock exchangesforecasts a 2-4 percent increase in funds from operations FFO per share and a 6 percent dividend hike.

Vukile expects similar growth in full-year 2026, with no need for new equity capital, highlighting confidence in its integrated portfolio's earnings power. Its growth is anchored in its Iberian portfolio, which now contributes two-thirds of total assets and 60 percent of group earnings. Through its 99.5 percent-owned Castellana Properties, the REIT expanded its Spanish and Portuguese footprint by nearly 60 percent over the year.

A standout was the 82 million 90.6 million gain from its exit in Lar Espaa, redeployed into the acquisition of Valencias flagship Bonaire Shopping Centre, yielding over 8 percent. Vukile also entered Portugal with four strategic retail buys, deepening its scale across Europes most resilient consumer markets.