Vukile Property Fund (VKE) Status update summary

Portfolio performance and trading update

• Achieved record footfall and full occupancy in Iberian portfolio, with El Faro seeing a 21.3% rise in footfall and tenant sales up 4.1% year-to-date, led by fashion and F&B categories.

• South African portfolio delivered 10.1% like-for-like NOI growth, with trading densities up 5.1%, core retail vacancy at 1.1%, and year-on-year sales up 5.3%.

• Leasing activity was robust: 254 deals in Iberia (over 50,000 sq m, 3.3% rental growth), 576 leases signed overall, and 150,000 sq m in SA, with positive rental spreads and WALE on renewals at 4.2 years.

• Cost-to-income ratio in SA improved to 12.4%, with rent collection rates above 100% and low effort rates (6.1%).

• Top tenants in SA (55% of GLA) grew by 5.5%, with groceries, fashion, and home categories showing resilience.

Strategic acquisitions, disposals, and funding

• Disposed of nine Spanish retail parks for EUR 279 million (yield 7.1%), recycling proceeds into dominant shopping centers in major cities.

• In SA, sold four non-core assets for ZAR 625 million and acquired 50% of Chatsworth Mall, 100% of Botshabelo Mall, and a 35% stake in Pradera.

• Raised ZAR 2.65 billion via book build and added ZAR 1.18 billion in debt; all acquisitions fully funded and accretive, with no further equity required.

• Pro forma LTV expected at 42% post-deals, with ICR at 3x and blended NOI yields above 8%.

• Recent equity raise and asset disposals funded acquisitions in both regions, with no new equity raise planned amid market volatility.

Operational initiatives and asset management

• Continued focus on cost savings, PV and water initiatives in SA, and asset repositioning in Iberia, driving margin improvement and sustainability.

• Borehole water and PV projects implemented to manage expenses and ensure operational resilience.

• Asset management strategies in new acquisitions (e.g., Botshabelo Mall) to unlock further value through tenant mix optimization and sustainability upgrades.

• High occupancy and rent collection rates near 100% in Iberia, reflecting portfolio strength and tenant stability.

• 11 out of 14 retail categories in SA showed growth in turnover and trading densities, led by food, grocery, and home.