Фонд Vukile Property Fund привлек 1,1 млрд рандов на перепроданном аукционе облигаций

Vukile Property Fund has raised R1.1bn through an oversubscribed bond auction, attracting strong investor appetite for the retail-focused real estate investment trust’s debt. The auction follows Vukile’s R2.8bn equity raise in May and comes as the group manages its funding costs and extends its debt maturity profile. The equity raise was the largest the property sector had seen in five years. The three-, five- and seven-year notes were all priced below initial guidance, with margins of 83 basis points, 96 basis points and 119 basis points over the South African Rand Overnight Index Average (Zaronia), respectively. The weighted average margin was 102 basis points. Vukile CEO Laurence Rapp said the demand and pricing reflected confidence in the group’s credit quality, diversified retail portfolio and disciplined approach to capital allocation. “We are pleased with the strong demand and supportive pricing achieved in this auction,” Rapp said, adding that the outcome showcased Vukile’s credit quality and the market’s confidence in its portfolio. The auction attracted 17 investors and was arranged by Rand Merchant Bank. Vukile group head of treasury Maurice Shapiro said the pricing would help lower the group’s cost of debt while extending its maturity profile. In April, Fortress raised R1.6bn through a Zaronia-linked unsecured note, becoming the first listed property company to issue debt linked to the new benchmark. Its note issuance in March was also oversubscribed. The auction comes as the market transitions to Zaronia, which is set to replace the Johannesburg Interbank Average Rate (Jibar) as South Africa’s benchmark interest rate at end-2026. Vukile’s latest funding follows GCR’s rating of its strong credit profile in July, with a stable outlook. The rating agency cited its diversified retail portfolio and disciplined approach to growing and managing its assets. Business Day