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Vukile’s classroom campaign empowers children

 

Vukile’s classroom campaign empowers Dobsonville’s children to challenge harmful norms

DOBSONVILLE, Soweto — In a bright classroom at Margaret Gwele Primary School, a group of Grade 5 girls stood a little taller — literally and figuratively — as they learned to use their voices, set boundaries and speak their worth. In the same school, a few doors down, a group of Grade 5 boys explored ways of practicing empathy and discussed what it truly means to be an active bystander.

 These lessons mark the next chapter in Vukile Property Fund’s Empowered Women initiative, now in its second year. The initiative has already reached more than 900 women through GBV awareness and support events hosted across Vukile’s shopping centre portfolio throughout South Africa.

Vukile’s powerful new programme, a partnership with Action Breaks Silence aimed at preventing gender-based violence (GBV) before it starts, titled “Empowerment, Empathy and Active Bystander”, is being delivered to over 570 Grade 5 and Grade 6 learners across six schools in the Dobsonville area of Soweto, where Vukile owns Dobsonville Mall. Its addition to Vukile’s Empowered Women initiative delivers GBV prevention work directly into primary schools.

The media and key stakeholders were invited to witness the programme in action today, as trainers led real sessions with Grade 5 learners at Margaret Gwele Primary, sharing the chance to experience firsthand how education, empowerment and empathy can change the trajectory of an entire community.

“This powerful programme of preventing violence against women and girls is about planting seeds of confidence, empathy and awareness in children at exactly the age when gender norms start to solidify. By reaching children now, we can disrupt harmful cycles that often span generations,” says Marijke Coetzee, Director: Marketing and Communications at Vukile Property Fund.

 In addition to Margaret Gwele Primary, the programme is being delivered at Hector Pietersen, Enkolweni, Phakamani, Livhuwani and Rebongwe Primary.

Active and responsive community investment

The programme, developed by Action Breaks Silence, includes12 one-hour sessions: six each in Grade 5 and 6. Grade 5 is the only time that the programme holds separate sessions for girls and boys to create safe spaces at a critical time for the children.

The same groups of children come together in Grade 6. Over six weeks of sessions, one of their key projects is to create a poster campaign that educates their peers about tackling sexual harassment and challenging violence against women and girls. The posters are displayed around the schools, and the winning team is celebrated at a public assembly. All this comes together to create a whole school initiative, helping to normalise speaking out against sexual harassment and reinforcing that children have the power to make a change.

“Vukile’s commitment to this programme furthers our shared goal to challenge and rewrite harmful norms before they take root,” says Niki Hall-Jones, South African Programme Manager for Action Breaks Silence. “Research shows that gender norms and harmful masculinity start solidifying by the ages of 10 to 12. This highlights the importance of going into schools early with age-appropriate content and proven methods to help children reimagine what respect, power and kindness look like, and shift trajectories before violence becomes internalised.”

 A multi-faceted platform for local change

Besides the children who receive this potentially life-changing training, Vukile’s investment in this project has created employment and skills development for local youth.

Of the seven facilitators running the Vukile’s Dobsonville programme, four are newly trained facilitators from the Dobsonville area, while three are experienced trainers from Soweto. The new facilitators have been trained through a rigorous “train-the-trainer” process that includes modules on child safeguarding, communication and diversity, equity and inclusion, as well as programme delivery. A peer-to-peer mentorship model ensures the experienced facilitators are on hand to guide and support new recruits.

This work transforms the lives of the youth facilitators as much is it empowers the children they train. The young change-makers become visible role models in their own communities.

“This programme is a commitment to the community of Dobsonville,” says Thato Matlala, Centre Manager at Dobsonville Mall.  Our mall is a community anchor, and we take that responsibility seriously.”

 Taking community-centred action

Vukile’s investment in long-term community wellbeing is well established and constantly evolving. From centre-level events to national partnerships, Vukile aligns all its social impact initiatives to five core pillars, one of which is GBV prevention. By tracking data and measuring outcomes, Vukile ensures that its impact is clear and sustainable.

For Coetzee, the Empowered Women initiative reflects the community-first ethos that defines Vukile. “We strive to embed purpose into how we operate on the ground, for our customers and their communities, and the Empowered Women initiative is one of the ways we are doing that.”

 She adds that she hopes the confidence and empathy shared with the children through this project also ignites purpose within their lives, because everyone can make a difference. “Any investment in children and a society without violence against women and girls is an investment in a better future. With this programme, we see children not just learning, but leading.

 

Spear REIT Provides HY2026 Pre-Close Update

Spear REIT Provides HY2026 Pre-Close Update: Strong Operational Delivery, Portfolio Growth and Balance Sheet Resilience

 Spear REIT has issued its pre-close update for the half year ending 31 August 2025 (“HY2026”), highlighting steady performance across its portfolio, continued growth through acquisitions and further investment into sustainability initiatives. The company stated that despite a challenging operating environment, results remain firmly on track with guidance currently tracking slightly higher than the midpoint of its market guidance for FY2026, supported by consistent operational execution and disciplined financial management.

Highlights

  • Distributable Income Per Share (DIPS) Tracker: DIPS tracking at 36.77 cents year to July, with distribution per share (DPS) to shareholders at 34.93 cents per share (95% payout ratio).
  • Operations: rent reversions across the combined portfolio were just under flat as tenant retention and rental preservation are prioritised; escalation rates nudged higher to 7.31% (from 7.27%); portfolio occupancy stable at 95% and expected to improve to 96–97% by period-end; cash collections remain strong at 98.45%.
  • Acquisitions: R1.08 billion invested into prime Western Cape properties (137,090m²) at an initial yield of 9.54%, adding quality scale to the portfolio.
  • Balance sheet: loan-to-value ratio at 14.26% pre-acquisition; interest cover ratio at 3.84x; liquidity of R400 million after commitments, maintaining ample flexibility.
  • Sustainability: solar coverage to grow to 67% of the portfolio, with 11 more systems under construction and recent acquisitions expected to lift this to around 70%.
  • Current portfolio profile: asset base of R5.58 billion, 487,317m² of gross lettable area, and 39 high-quality Western Cape assets.

Sector performance for the year to July 2025 underlines the portfolio’s resilience. Retail centres delivered 91.7% occupancy and like-for-like income growth of 12.2%, with strong rental uplifts of 13.7% driven by demand in convenience and destination formats, while larger apparel retailers increased their presence. The Commercial portfolio recorded 92.2% occupancy, with solid income growth of 7.0% despite negative rental reversions, cushioned by over 16,000m² of space successfully renewed and re-let.

 Industrial assets continued to show strength with 96.6% occupancy and positive rental reversions, even as income was temporarily impacted by a sustainability-linked vacancy at Mega Park. Expansion plans in Blackheath and George are progressing toward final approvals.

Key milestones during the period included a R749 million equity raise in June 2025 to support Spear’s asset growth plans and PV solar rollout strategy. During the period, management has successfully reduced borrowing costs and driven strong leasing momentum, which has improved the weighted average lease expiry and escalation metrics of the core portfolio. The pending integration of three new acquisitions — Berg River Business Park in Paarl, Consani Industrial Park in Elsies River, and Maynard Mall in Wynberg — is set to add 137,000m² to the portfolio and lift asset valuations to approximately R6.65 billion.

During the pre-close presentation, CEO Quintin Rossi commented:
“The first half of FY2026 reflects our team’s consistent execution in driving rental cashflows, managing risk, and growing our Western Cape-focused portfolio. While trading conditions remain tough, our strong balance sheet, recent acquisitions, and ongoing solar rollout position us to capture further growth and deliver sustainable returns to our shareholders.”

Spear also anticipates its inclusion in the JSE All-Property Index in March 2026, subject to confirmation, which would broaden its investor universe within the listed property sector and result in improved liquidity and greater market visibility.

Looking ahead, Spear reaffirmed its guidance for the full year, with distributable income per share expected to grow between 4% and 6% compared to FY2025, underpinned by disciplined asset management, selective acquisitions and a resilient Western Cape-focused portfolio.

 

Redefine lifts earnings guidance

Redefine lifts earnings guidance as operational momentum drives growth

Redefine Properties (JSE: RDF) announced in its pre-close update for the year ending 31 August 2025 that it has upgraded its distributable income per share (DIPS) guidance to between 51.5 and 52.5 cents for FY25. This upgrade is underpinned by improved operating margins, enhanced efficiencies, stronger occupancy levels, and disciplined capital management.

This marks a significant step forward for the Group, which has successfully navigated a volatile macroeconomic backdrop while emerging in a stronger position than at the start of the financial year.

Resilient through volatility

“Over the past year, each time we thought the skies were clearing, a new dark cloud appeared. But those clouds have dissipated and today Redefine is in better shape than at the start of the year,” said CEO Andrew König. “Despite volatility, our diversified platform has absorbed shocks with minimal disruption, underscoring the strength of our business.”

Macro tailwinds are now reinforcing the growth story. Load shedding has largely receded, supported by a surge in renewable energy projects and reforms under Operation Vulindlela. Improvements in logistics, from ports to rail, are easing bottlenecks in the movement of goods and underpinning broader economic activity.

Commercial real estate transactions are also recovering, with Redefine already completing R1.1 billion of local asset sales in 2025 compared to R386 million last year.

“We are encouraged by South Africa’s expected removal from the FATF greylist in October, and we remain hopeful for an S&P sovereign credit rating upgrade in 2026, while interest rates have settled at long-term averages, providing stability after a period of steep hikes,” König noted.

Operational performance drives earnings

CFO Ntobeko Nyawo highlighted that Redefine is on track to deliver a net operating profit margin of 77% by year-end, up from 75% in 2024. Recurring income now makes up 99.8% of total earnings, giving investors clearer visibility into future performance.

“The upgraded DIPS guidance reflects not only improved leasing and occupancy levels, but also the impact of cost efficiencies, lower funding costs, and proactive debt management,” said Nyawo. The group’s liquidity position remains robust with R7.6 billion in cash and undrawn facilities and a weighted average cost of debt reduced to 6.6% while its loan-to-value (LTV) ratio is improving to within the 38-41% target range.

Retail and industrial lead the charge in SA

COO Leon Kok emphasised that the local portfolio continues to deliver stable growth. Retail tenant turnover increased nearly 5%, supported by similar trading density growth, strengthening tenants’ ability to absorb rental escalations. Renewal reversions and occupancy levels continue to improve.

The industrial portfolio remains robust, with sustained demand for modern logistics facilities and strategic land holdings in Johannesburg South and the Western Cape positioning Redefine for further expansion.

The office sector, while still challenging, shows signs of recovery. Renewal activity has stabilised, particularly in P-grade buildings, giving confidence that positive income growth is on the horizon.

He also emphasised the Group’s sustainability achievements, noting that Redefine has increased its renewable energy capacity by 9.3MW to 52.5MW during the period, with a further 13MW of projects underway. This investment will add another 20% to the group’s renewable energy footprint.

“Sustainability is not a nice-to-have, it is a core operational imperative. By expanding our renewable energy portfolio and reducing reliance on municipal utilities, we are both enhancing tenant appeal and protecting margins against double-digit increases in administered costs,” Kok said.

Poland: strength in high-demand cities

Redefine’s Polish retail portfolio continues to perform strongly, reflecting the overall quality and positioning of its properties within key urban centres. “This just speaks to the strength of the properties within each of the cities where they are located,” König said. “Our Polish portfolio is robust because it is concentrated in cities with the strongest consumer growth and spending power.”

Occupancy remains high at 97.9%, with rent collection at 99%. While footfall was slightly down, like-for-like turnover increased 2%, reflecting stronger consumer spend per visit. Operational efficiencies, including rationalised property management and internalised accounting, have lifted margins.

The logistics platform (ELI) has also performed well since its split from Madison International Realty. Redefine’s portfolio has reduced vacancy from 6% to 3%, delivered 6.3% rental growth on renewals, and maintains a robust weighted average lease term of 5.1 years.

König noted: “This has been a significant focus for us because simplifying our offshore joint ventures is key to reducing our see-through loan-to-value ratio. Along with organic growth, these improvements are central to re-rating Redefine’s share price.”

Self-storage expansion continues, with a new development in Kraków and two more underway in Warsaw and Gdańsk, which will add nearly 28 000sqm of institutional-grade capacity and position Redefine to attract future equity partners into the platform.

Turning upside into results

König emphasised that Redefine is entering FY26 with strong momentum and a sharper growth focus. “What began as an internal call to embrace positivity and mindful optimism through our Upside Connect sessions is now being broadened: it’s not just our upside, but everyone’s upside that should be the rallying point – the Upside of Us.

Momentum is translating into tangible results. In real estate, progress can be slow, but once it builds, the benefits snowball – and that’s what we’re starting to see. With operational momentum, financial discipline, and supportive macro conditions, Redefine is well placed to continue delivering sustainable growth into the medium term,” he concluded.

Vukile concludes oversubscribed R500 million bond issuance

Vukile concludes oversubscribed R500 million bond issuance at record-low pricing

 Vukile Property Fund (JSE: VKE) has successfully concluded the issuance of R500 million in senior unsecured corporate bonds across three- and seven-year maturities, achieving market-leading pricing. The offering was met with overwhelming demand, attracting more than R3 billion in bids — over six times the target issue size.

The three-year tranche of R214 million priced at 102 basis points (bps) and the seven-year tranche of R286 million priced at 135bps — both tighter than initial price guidance. The weighted average margin of 121bps represents a substantial improvement over existing debt maturing in Vukile’s 2026 financial year, which will be re-paid, lowering Vukile’s cost of capital.

Laurence Rapp, Chief Executive Officer of Vukile, comments, “We are pleased with the strong demand and favourable pricing received. The substantial support for the auction demonstrates the market’s endorsement of Vukile’s disciplined approach to capital allocation, our high-quality assets and our long-term investment strategy.”

 Absa Bank Limited, through its Corporate and Investment Banking division, acted as sole lead arranger.

Marcus Veller, Principal, Debt Capital Markets of Absa notes, “The keen investor interest, with over 21 institutions participating in the auction, demonstrates Vukile’s strong position as a meaningful and regular DCM issuer. Vukile’s track record of financial performance and a supportive market culminated in an excellent auction and issuance outcome.”

Maurice Shapiro, Group Head of Treasury at Vukile, adds, “The record low pricing of this bond issuance marks a significant milestone in our debt capital markets strategy. The favourable outcome reduces Vukile average cost of debt and extends our maturity profile, reinforcing balance sheet strength and flexibility.”

In July 2025, GCR Ratings upgraded Vukile’s national scale long-term issuer credit rating to AA+(ZA) from AA(ZA) and affirmed its short-term rating at A1+(ZA), with a stable outlook. GCR highlighted that “Vukile’s property performance remains a key rating strength,” citing its resilient portfolio as a consistent outperformer in the broader property sector.

Vukile is a specialist retail REIT with a high-quality, blue-chip-tenanted portfolio valued at approximately R50 billion, operating across South Africa, as well as Spain and Portugal through its 99.6% owned Spanish subsidiary, Castellana Properties. Vukile’s consumer-centric focus on defensive, everyday retail in both South Africa and Iberia has proven resilient and strategically accretive, driving value creation for stakeholders.

 

 

Hyprop Foundation Launches Charity

 Hyprop Foundation Launches Charity Drive Honouring Nicole Greenstone’s Life, Supporting Animal Welfare

Initiative Aims to Celebrate Nicole’s Legacy through Community Action and Compassion for Animals.

The Hyprop Foundation’s Warm Woodrock charity drive is currently underway, calling on the public to support animal welfare in loving memory of Nicole Greenstone. Nicole, a cherished colleague and friend, passed away in August 2024. She is remembered not only for her professionalism and warmth but for her profound compassion for animals, which has shaped her life.

This initiative, established by the Hyprop Foundation, was created to keep Nicole’s legacy alive by supporting animal shelters that reflect her values. With this in mind the foundation’s Warm Woodrock project will support Woodrock Animal Rescue, a Gauteng-based shelter known for its hands-on approach to animal care, rehabilitation, and rehoming.

Running until the end of August, the drive invites the public to donate blankets, pet food and essential supplies for dogs, and cats. Branded collection bins are located at five Hyprop shopping centres: Hyde Park Corner, Clearwater Mall, Woodlands Shopping Centre, The Glen Shopping Centre, and Rosebank Mall.

“Our goal is simple,” says Leonie Prinsloo from the Hyprop Foundation. “We honour Nicole by championing a cause she held close to her heart, giving vulnerable animals a second chance at life. Nicole’s compassion was a beacon of hope for both people and pets. By participating in this initiative, you can turn her legacy of kindness into real, life-saving action.”

Each centre is also hosting a live caricature artist on select weekends. Visitors who drop off donations receive a free, personalised sketch of themselves and their pet, a small thank you for helping make a difference. Upcoming caricature artist appearances include 16 August at Clearwater Mall and 23 August at The Glen Shopping Centre.

“Nicole poured her heart into helping those who needed it most, especially animals with no voice of their own, adds Prinsloo. “By supporting Warm Woodrock, you honour Nicole’s legacy and give hope and a future to animals in desperate need. Help us give animals the love and care Nicole gave so freely. Your support truly makes a difference.”

Woodrock Animal Rescue, established in 1992, is one of South Africa’s oldest independent pro-life animal shelters. It is home to hundreds of rescued animals and relies entirely on public support to operate. The partnership with the Hyprop Foundation brings much-needed supplies, awareness, and funding to its mission.

Donation guidelines and a QR code linking directly to Woodrock’s website are available at each collection point, offering digital options for those unable to donate items in person.

The Hyprop Foundation, Hyprop Investments’ Corporate Social Investment arm, is committed to making a meaningful impact in the communities surrounding its shopping centres. The Hyprop Foundation focuses on education and skills development, community upliftment, and enterprise development, and strongly believes in building a better future by investing in people, places, and the planet. Warm Woodrock is a testament to the Hyprop Foundation’s commitment to making a real difference. Partnering with Woodrock Animal Rescue brings its value of compassion and community to life.

Join us in honouring Nicole’s legacy and making a real difference for animals in need. Visit any participating Hyprop retail centre or scan the QR code at donation bins to find out how you can support Warm Woodrock.