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SA REIT Association

Vukile concludes oversubscribed R500 million bond issuance

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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.

 

 

Redefine takes the lead in green building performance

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Redefine takes the lead in green building performance with 3 new Net Zero Carbon certifications

Redefine Properties (JSE: RDF), a leading South African Real Estate Investment Trust (REIT), has reinforced its position as an environmental frontrunner with 3 new Net Zero Carbon Level 2: Building & Occupant Emissions (Measured) certifications awarded by the Green Building Council of South Africa (GBCSA).

This milestone brings the number of Net Zero Carbon certified buildings in Redefine’s South African portfolio to nine, the most of any REIT in the country. The newly certified assets include Convention Tower in Cape Town, as well as Alice Lane Phases 1, 2 and 3 and Ballyoaks Office Park, both located in Gauteng.

“Each certification is a testament to our ongoing commitment to sustainability and performance-driven building operations,” says Ursula Mpakanyane, Head of ESG at Redefine. “Through advanced energy optimisation and strategic use of verified carbon offsets, we are demonstrating that meaningful climate action is both achievable and impactful within the property sector.”

These achievements are underpinned by a rigorous evaluation process governed by the GBCSA’s Net Zero Carbon framework.

The GBCSA’s Level 2 certification recognises buildings that maintain net zero operational carbon emissions over a 12-month period. This is achieved through a combination of high-performance energy management, on-site or off-site renewable energy, and, where necessary, verified carbon offset strategies. The process is rigorous, requiring at least 12 months of measured energy data, verified carbon offset plans, and professional assessment against GBCSA criteria.

Redefine’s achievement reflects years of work to embed ESG into every stage of the property lifecycle. Properties were assessed in collaboration with Solid Green Consulting, who developed and executed carbon offset strategies aligned with Redefine’s sustainability-linked goals.

These additional accreditations follow the 2024 certifications for The Old Warehouse and The Terraces at Black River Park, and Commerce Square which achieved the country’s first Net Zero Carbon Level 2 Precinct certification. Prior to that, 90 Rivonia, 2 Pybus, and Rosebank Link all achieved their respective Net Zero Carbon Level 2 (Measured) certifications in 2023. Each asset contributes to Redefine’s long-term vision of futureproofing its portfolio while delivering meaningful value for both tenants and investors.

“These buildings not only offer sustainability in design and operational performance, but they also stand as flagship assets within our portfolio, setting a benchmark for future developments,” Mpakanyane adds.

Redefine is committed to achieving full net zero carbon performance across all new developments by 2030 and across all existing buildings by 2050. The REIT’s latest certifications mark another step toward meeting the United Nations Sustainable Development Goals, particularly Goals 7 (Affordable and Clean Energy), 9 (Industry, Innovation and Infrastructure), 11 (Sustainable Cities and Communities), and 13 (Climate Action).

With sustainability integrated into its business model and culture, Redefine continues to demonstrate that responsible environmental stewardship and commercial performance can go hand in hand.

Growthpoint confirms leadership succession

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Growthpoint confirms leadership succession for

Group Chief Executive Officer and Group Chief Financial Offi

The Board of Directors of Growthpoint Properties Limited (JSE: GRT) is pleased to announce planned leadership appointments as part of the company’s long-term succession strategy. Estienne de Klerk will be appointed as Group Chief Executive Officer, effective 1 July 2026, and José Snyders will step into the role of Group Chief Financial Officer effective 1 January 2026.

Well planned leadership transition

Growthpoint plans leadership changes well in advance to ensure stable, experienced leadership and a strong, embedded culture to deliver sustainable long-term value to its stakeholders.

In 2022, Growthpoint reported that the current Group CEO Norbert Sasse would retire from the role. The Board is pleased to confirm that Estienne de Klerk, currently Growthpoint South Africa CEO, will succeed Sasse as Group CEO effective 1 July 2026. De Klerk’s appointment follows a structured succession planning process overseen by the Board over several years.

De Klerk is a Chartered Accountant and a Harvard Business School alumnus, having recently completed the Advanced Management Programme. He holds a BCom in Industrial Psychology and BCom Honours degrees in Marketing and Accountancy from the University of Johannesburg. He is also a certified Master Practitioner in Real Estate (PPRA).

With three decades of experience across banking and listed property, and nearly 20 years with Growthpoint in a progression of senior executive roles, de Klerk has deep expertise in capital markets, mergers and acquisitions, operations, BBBEE and industry transformation.

He has held numerous leadership roles in the sector, including Chairman of the SA REIT Association, Past President of the South African Property Owners Association and founder of the Property Industry Group, which supported the sector through the Covid-19 pandemic. He also serves on the boards of key Growthpoint investments, including V&A Waterfront Holdings Pty Ltd and Growthpoint Properties Australia Ltd.

The Board also announces that Gerald Völkel is retiring as Group Financial Director on 31 March 2026 and will be succeeded by José Snyders as Group CFO and Executive Director. Snyders is the current CEO of Liberty Two Degrees Ltd (L2D), a role he assumed following a successful tenure as both Commercial Director and Financial Director of that company. He is a Chartered Accountant with a Bachelor of Commerce degree and two honours degrees specialising in financial analysis and portfolio management and financial accounting. With over 22 years of experience spanning financial services, investment banking and listed real estate, he brings with him a deep blend of strategic, operational and capital markets expertise.

A clearly defined handover structure

Marking 22 years at the helm of Growthpoint, Sasse will continue to lead the company for the current financial year to 30 June 2026, when he will hand the reins over to de Klerk for the 2027 financial year. Sasse will remain with the business in an executive capacity for six months until 31 December 2026, to support a smooth and orderly transition. The position of SA CEO will be removed as part of a broader review of the executive leadership operating model.

Völkel and Snyders will work in parallel for three months, from 1 January 2026 to 31 March 2026, to ensure a seamless handover and continuity across the Group’s financial operations. Völkel will retain the responsibility as Group Financial Director for Growthpoint’s FY26 half-year financial reporting and officially hand over to Snyders from 1 April 2026.

Strong, skilled, stable leadership

These appointments reflect Growthpoint’s ongoing commitment to stable, long-term leadership ensuring the company is well positioned to continue delivering strategic and operational performance. This includes its stated objectives of improving its South African portfolio and optimising its international investments.

Chairman of Growthpoint, Rhidwaan Gasant, comments, “This is a natural and timeous transition to new leadership to take Growthpoint into its next chapter. We are pleased to announce Estienne de Klerk’s appointment as Group CEO, which represents strong continuity and deep corporate knowledge, while the appointment of José Snyders as Group CFO injects fresh perspective into the mix.

“The Board is pleased with the implementation of its leadership succession plan and is confident that these appointments will deliver value for shareholders,” concludes Gasant

Growthpoint and FlySafair launch industry-first travel benefit

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Growthpoint and FlySafair launch industry-first travel benefit for Joburg office tenants

 Office space that gets you places — Growthpoint changes the office leasing game

Growthpoint Properties (JSE: GRT), South Africa’s leading listed property company, is revolutionising what tenants can expect from their offices in a pioneering partnership with FlySafair that quite literally helps business take off.

In an unprecedented move for the property sector, Growthpoint has teamed up with leading low-cost passenger airline FlySafair to launch a first-of-its-kind office tenant travel benefit – Growthpoint SmartFlight.

Businesses signing new leases of three years or more in Growthpoint’s Johannesburg office portfolio can now convert up to 30% of their tenant installation allowance into FlySafair flight vouchers.

The vouchers, redeemable through a central digital wallet using the latest blockchain technology (the same technology used in cryptocurrency transactions), offer tenants the opportunity to unlock business travel, whether to attend meetings or conferences, to enable hybrid work strategies, or simply get teams face-to-face where they collaborate best. Using the digital wallet, the tenant can allocate the flight ticket to any employee within their company.

“At Growthpoint, we understand that office space isn’t only measured in square metres, but also in the ways it enables your business to thrive,” says Timothy Irvine, Growthpoint Properties Head of Asset Management: Offices. “We are proud to partner with award-winning FlySafair to take our office tenants to new heights.”

A new kind of office offering

The initiative marks a bold shift in commercial property leasing. Industry-wide, tenant installations allowances are typically limited to fit-outs and furnishings. With Growthpoint’s SmartFlight, its tenant installation allowance now becomes a strategic asset that recognises that in today’s business world connection is as critical as space, and so it assists in the operational growth of tenants’ businesses.

“FlySafair is proud to be part of an innovation that puts real business benefits in the hands of Growthpoint’s tenants,” says Kirby Gordon, FlySafair CMO and Executive Manager.

Growthpoint SmartFlight vouchers are valid for 12 months, redeemable for FlySafair domestic flights and subject to standard FlySafair and Growthpoint terms and conditions.

A pattern of property innovation with intent

This new travel benefit joins a suite of industry-first initiatives that transform what Growthpoint tenants get from their office lease.

Growthpoint’s SmartMove Office programme offers up to 100% of first-year rental back in value, covering rent-free periods, fit-out and relocation costs. UNdeposit replaces traditional security deposits with a once-off fee, freeing up capital for business growth. Work Agility delivers fully furnished, tech-ready, modern office spaces on flexible terms, which are ideal for teams that need to move fast without sacrificing quality.

Coming this September, Growthpoint’s e-co₂ will switch on wheeled renewable electricity, delivered through a landmark Power Purchase Agreement with Etana Energy, directly to opted-in tenants at a selection of its office buildings in Sandton, Johannesburg. With fixed green electricity escalation pricing and certified emission reduction certificates, tenants can lock in cost-stable green electricity that also accelerates ESG goals.

Together, these game-changing initiatives signal a fundamental shift for the property industry as Growthpoint continues to find bold and innovative ways to structure offices around business performance, not the other way around.

A partnership elevating possibility for business

Growthpoint’s collaboration with FlySafair – an industry disruptor that reshaped access to air travel in South Africa – is a fitting match. Both have a track record of identifying and unlocking opportunity and value, expanding what it means to thrive in a modern economy.

“SmartFlight builds on a new kind of thinking that is reshaping offices into strategic resources that help South African businesses stay agile, competitive and connected,” says Irvine.

Young achievers shine at the top of the Growthpoint Gems class

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Life-changing internal education programme produces record number of graduates 

Growthpoint Properties recently celebrated the academic excellence of 21 students supported through its internal education programme, Gems, at two awards ceremonies held in Johannesburg and Cape Town. The events recognised the achievements of the programme’s “Class of 2024” – a group of bright young students from around the country who are realising their potential through access to quality education.

Launched in 2016, Gems provides educational support to the children of employees earning below a certain threshold, covering costs such as school fees, uniforms, stationery and other materials. The initiative also offers academic, psychosocial and personal and leadership growth development support. With students supported from Grade 4 through to tertiary level, the programme is unlocking opportunities and shaping future leaders from within Growthpoint’s own community.

Recognising excellence, rewarding potential

Previously, the awards recognised the five highest-performing students in each education phase – primary, secondary, and tertiary – based on academic averages of 70% and above. However, for the 2024 Top Achievers Awards, the number of young achievers recognised increased with higher levels of academic excellence.

Nine of this year’s awardees have consistently held top achiever status since joining the programme, demonstrating commitment to their studies. At the same time, several new achievers emerged, highlighting the transformative power of sustained academic, growth development support.

One student, a Grade 4 learner from Gauteng, earned the national top achiever title with an exceptional 90% average. This clearly demonstrates the value of a programme such as this for smart young learners at the foundational education level.

The achievers received shopping vouchers to be redeemed at various Growthpoint shopping centres and at Exclusive Books.

The awards also celebrated a significant milestone: Gems produced its highest-ever number of tertiary graduates this year, with 11 students completing qualifications in fields ranging from IT and law to hospitality and psychology.

Class of 2024 Gems tertiary graduates:

  • Thato Mmutle: Advanced Diploma in Transport Management
  • Lutho Kula: Bachelor of Arts Honours in Live Performance
  • Jordyn Lewis: Bachelor of Social Science in Psychology & Counselling
  • Lithemba Ngumbela: BBA in Logistics & Supply Chain Management
  • Lesego Maponyane: Bachelor of Laws (LLB)
  • Dilshaad October: National Diploma in Information Technology
  • Keabetswe Moshapo: National Diploma in IT Software Development
  • Rodale du Plessis: National Diploma in Hospitality Management
  • Sebenzile Sangweni: Higher Certificate in Construction & Engineering Drafting
  • Keenen Thwala: Higher Certificate in Information Technology
  • Kamogelo Mashigo: Higher Certificate in Information Technology & Support Services

Among the young achievers is Rodale du Plessis, a long-standing Gems participant grew up in the community of Mannenberg in the Cape Flats and is now employed internationally. After nearly a decade in the programme – which she credits for shaping her academic focus, mental resilience and long-term goals – Rodale recently completed her National Diploma in hospitality management and secured her first job abroad at Nobu by the Beach in Dubai.

“The Gems programme moulded my mind to prioritise my goals. Even when I didn’t meet them, I kept going,” she said. “The support I received, especially the tutoring through high school, helped me believe I could dream big. That’s exactly what I did – and here I am.”

A long-term investment in people and potential

Growthpoint’s leadership attended both award events to congratulate learners and reaffirm the business’s commitment to meaningful transformation.

“Education is one of the greatest gifts we can give. It changes lives and opens doors,” said Norbert Sasse, Growthpoint Group CEO. “Our goal with Gems is to support our employees by investing in their children’s futures. When families thrive, so do our communities and our country does too.”

Gems is one of Growthpoint’s flagship internal programmes and a key part of its broader social responsibility and transformation agenda. It is anchored on three pillars: academic support, psychosocial development, and personal and leadership growth. Growthpoint has invested around R9 million annually in the Gems programme over the past five years, demonstrating the business’s sustained commitment to meaningful impact.

Now nearing its 10-year anniversary, Gems continues to offer real and lasting impact that goes beyond through financial assistanceby helping learners build confidence, explore their aspirations and achieve success on their own terms.

“We’ve seen learners grow, find their voice and reshape their perspectives on life,” said Shawn Theunissen, Head of CSR and Transformation at Growthpoint. “With everything we do, we aim for intentional impact. That’s what makes Gems so powerful.”