Vukile reaffirms FY27 guidance as its three-market retail platform performs

Vukile Property Fund has reaffirmed its guidance for the year to March 2027: growth in funds from operations (FFO) per share of 8–10%, and dividend per share growth of 10–12%. The retail REIT operates across South Africa, Spain and Portugal, and Italy.

South Africa

Vukile says its South African portfolio is on track for like-for-like net operating income growth of 8.5%, with vacancy at just 1.9% and renewal reversions of +4.0%. Trading density growth was 5.0%, and 283 leases were signed for R475 million in new rent. Township and rural centres outperformed, with sales growth of 4.7% and 5.3% respectively.

Spain and Portugal

Through Castellana Properties, sales growth was 3.9%, vacancy 1.1%, and 104 leases were signed at an average rental increase of 6.79%. Footfall at Bonaire in Valencia rose 19.5%, and Portugal recorded more than 15 million visits between April and August 2026.

Italy

Esperia Properties bought three shopping centres in June 2026 for €115 million. Occupancy is 97.9%, rolling 12-month footfall is 9.5 million (+2.3%) and sales growth is 3.2%. Eighteen leases were signed at a 16.26% rental uplift. Two further Italian assets are in due diligence for a Q1 2027 close, and exclusivity has been secured on another.

What it signals

A 1.9% vacancy rate suggests there is very little spare space in well-run South African convenience retail, especially in township and rural nodes. For more on what is available, browse retail space to let.

Source: Property Flash, 1 October 2026.

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