Vukile Property Fund Limited

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Vukile Property Fund Limited Group 1 Notes
  • Vukile Property Fund Limited
  • Year : Aug 2019
3 Tokens
USD 300.00

Vukile’s long-term issuer rating was upgraded to ‘AA-(ZA)’ from ‘A+(ZA)’ by GCR in July 2019. The upgrade was premised on the substantive growth in the Issuer’s Spanish portfolio, as well as sound portfolio management, evidenced by low vacancies and strong tenant retention, among other factors. However, the Senior Secured Notes’ ratings are primarily a function of estimated recoveries from the Group 1 Property Portfolio, which is made up of a portion of the Issuer’s South African portfolio that was ceded as security for the Group 1 Notes.

Additional Information

Vukile is a Johannesburg Stock Exchange (“JSE”) listed Real Estate Investment Trust (“REIT”). The Issuer ring fenced a designated portfolio of properties (Group 1 Property Portfolio) as security for the Senior Secured Notes, jointly referred to as the Group 1 Notes. In an enforcement event, the Group 1 Property Portfolio, which is registered in the name of the Guarantee SPV, will be utilised as security for the Group 1 Notes pursuant to the security agreements, whereby the Security SPV guarantees repayment to the Notes. The guarantee is limited to the amount recovered from the Group 1 Property Portfolio.

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