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Encha has increased its holding in Vukile Property Fund by subscribing to a further 15 243 902 linked units in Vukile at R16.40 per linked unit for a cash consideration of R250 million.

This subscription increases the number of Vukile shares held by Encha from 22 839 175 to 38 083 077, making the percentage holding 6.8%. This subscription is the first part of the R1- billion Equity Tap Structure which will allow Encha to subscribe to a further R750 million worth of Vukile linked units over the next three years.



Tiego Moseneke, the Chairman of Encha Group Limited:

“We are happy with our Vukile investment and look forward to increasing our position in Vukile by a further R750 million over the next three years. We will also be looking to increase our physical property holdings by a further R3 billion over the same period. Property – both listed linked units and physical stock remain a core and steady foundation of our investment strategy. On the back of the property holdings, we can pursue other high-yielding investment opportunities in the energy and infrastructure sectors.”


About Vukile Property Fund


Vukile Property Fund Limited (Vukile) is a property company, which was listed on the JSE Limited on 24 June 2004 (JSE code: VKE) and on the Namibian Stock Exchange on 11 July 2007 (NSX code: VKN). Vukile’s market capitalisation was approximately R8.5 billion and its property portfolio was valued at R10.3 billion as at 31 March 2014. There were 509 573 007 linked units in issue at year-end.


Vukile’s prime objective is to invest in properties with strong contractual cash flows for long-term sustainability and capital appreciation, leading to growing income distributions for linked unitholders. Vukile became a Real Estate Investment Trust (REIT) effective 1 April 2013 and the first property company to be awarded the REIT status by the JSE Limited.




 11 September 2014

Results Of The Accelarated Book Build And Encha Equity Platform Placement




In light of strong demand at R16.50 per linked unit, Vukile has increased the amount of capital to be raised pursuant to its accelerated book build by R100 million. The book is now closed.


Accordingly, Vukile has raised a total of R600 million, R350 million by the issue of new Vukile linked units pursuant to the accelerated book build process at R16.50 per linked unit and R250 million by placement to the Encha SPV at R16.40 per linked unit established in terms of the Encha equity funding platform as detailed in Vukile’s circular to linked unitholders issued on 5 June 2013.


A total of 36 456 024 new Vukile linked units are expected to be issued and listed on Thursday, 18 September 2014.