Vukile Property Fund Limited, the Johannesburg-listed retail REIT led by CEO Laurence Rapp, has successfully raised R500 million 28.4 million through an oversubscribed bond issuance, lowering borrowing costs and extending its debt maturity profile.
The three- and seven-year tranches attracted bids of more than R3 billion 170 million, pricing at record-low margins of 102 basis points and 135 basis points, respectively. The weighted margin of 121 basis points reduces funding costs compared with debt maturing in 2026.
Vukile raises bonds at record-low pricing margins