Vukile raises R2.8bn on JSE as it eyes Italian expansion

Big five South African real estate investment trust (Reit) Vukile Property Fund has raised R2.8 billion in fresh capital on the JSE, the group confirmed in a filing on Tuesday morning, at it eyes expansion into Italy.

This follows the company launching a new equity raise or accelerated bookbuild on the Sandton-based bourse late on Monday, where it finally revealed the new European market it now plans to enter.

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“Following strong institutional demand, Vukile is pleased to announce the successful placement of 9% of the company’s market capitalisation, equating to approximately R2.8 billion and the issue of [circa] 123 million new ordinary shares,” the group said.

This makes it the biggest equity raise in five years by a JSE-listed Reit on the local bourse. The largest capital raise following the Covid-19 pandemic, came in November 2020 when Growthpoint opted to raise around R4.3 billion, as a move to bolster its balance sheet in the wake of the ‘lockdowns’ fallout.

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Vukile’s latest equity raise is expansionary as the group looks at further acquisitions in South Africa, Spain, and now Italy. It also raised R2.65 billion on the JSE in October last year and has made several acquisitions both locally and in the Iberian peninsula.

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“The bookbuild shares were placed at a price of R22.60 per share, representing a 4.32% and 4.43% discount to the pre- launch Vukile closing share price and 10-day VWAP [volume-weighted average price] respectively on 19 May 2026.

“Subject to approval by the JSE Limited, listing and trading of the bookbuild shares is expected to commence at 09h00 on 25 May 2026,” Vukile added.

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Vukile’s share price

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