Johannesburg, 9 February 2026 – Vukile Property Fund (JSE: VKE) has announced robust trading results for November and December 2025, with both its South African and Iberian retail property portfolios delivering strong festive season performance. The results reflect successful Black Friday activity and sustained holiday shopping momentum.
South African Portfolio
Vukile’s South African assets continued to demonstrate resilience and growth:
- Turnover: November sales rose 2.4% year-on-year, building on a high base of 10% growth in 2024. December trading density increased by 4.5%, underscoring healthy festive demand.
- Segment performance: Commuter centres led with an 11.1% uplift, followed by value centres (+8.0%). Township and rural centres, which account for 60% of turnover, grew 3.7% and 2.7% respectively. Urban centres also delivered a 3.7% increase.
- Category highlights: Women’s wear and footwear (+12.7%), fast food (+12.5%), cell phones (+9.9%), and electronics (+8.7%) were standout performers.
- Chatsworth Centre: Recently acquired, the centre achieved 10.5% growth in November and 5.6% in December, driven by strong Black Friday trading.
- Footfall: December foot traffic rose 3.0% year-on-year, with commuter centres recording a 10.4% increase.
Iberian Portfolio (Castellana Properties)
The Iberian assets also reported festive resilience:
- Spain: November sales grew 7.3%, led by fashion (+12.7%) and homeware (+6.5%). December sales rose 3.2%, with homeware up 10.3%. Black Friday week saw an 8.6% increase in visits, with footfall on the day itself up 13.1%.
- Portugal: November sales surged 9.5%, driven by sports & adventure (+18.6%) and fashion (+14.1%). December sales grew 1.5%, with food & beverage (+6.0%) leading. Footfall rose 5.3% in November, while December remained stable.
CEO Commentary
Laurence Rapp, CEO of Vukile Property Fund, said:
“These results highlight the strength of our retail-focused strategy and the resilience of our assets across diverse markets. Both South Africa and Iberia delivered strong festive trading, reinforcing our confidence in the portfolio’s ability to generate sustainable growth and long-term value.”