Vunani full-year distribution per unit expected at 75c-77c v 64.51c

Vunani Property Investment Fund CEO, Rob Kane

Vunani Property Investment Fund (VPF) expects its distribution per linked unit to be 75c-77c in the year to June‚ from 64.51c in the previous comparative period.

The increased distribution was a result of tight management of existing assets and yield accretionary acquisitions‚ the fund said on Friday. “Management believes these factors will continue to have an enduring and sustainable impact on future distributions.”

The full-year results are expected on August 26.

Meanwhile, last week Vunani received substantial approval from linked unit holders to raise up to R760 million by way of a rights offer to grow its portfolio.

The proceeds of the rights offer will be used to settle debt associated with the acquisitions of The Business Centre in Rivonia and the Brickfield Road property, as well as to settle the purchase consideration for the acquisition of the Greenstone Hill properties and certain other properties currently under negotiation.

These acquisitions are in line with VPIF’s acquisitive growth strategy.