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IOL News
4 days ago
- Business
- IOL News
Vukile Property Fund reports strong annual results and forecasts higher growth for 2026
Laurance Rapp is the CEO of Vukile Property Fund. Image: Supplied Vukile Property Fund, the specialist retail estate investment trust, has upgraded its guidance by 8% for 2026 as it produced a robust set of results for the financial year ended March 31 2025. Delivering on its market guidance, Vukile achieved 3% growth in full-year funds from operations per share and increased its dividend per share by 6%. Laurence Rapp, the CEO of Vukile Property Fund, said, 'We are pleased to report strong results in a transformative year, distinguished by accretive strategic growth and capital rotation. This outstanding performance validates Vukile's strategy, expands its earnings base and positions the business for compounding future growth.' Vukile's, with total property assets now exceeding R50 billion, is evolving into a more international business with growing exposure to hard currency earnings emanating from blue-chip tenants and well diversifed across macro-economic drivers. Rapp explained the year had been transformative after Vukile exited its listed share exposure in Fairvest and sold remaining stake for R141 million and redeployed into accretive solar projects and exited Spain's Lar España thus generating a capital gain of €82 million (R1.7 billion),. Lar España sale proceeds together with proceeds from R1bn equity raise in February 2024 and a R1.5bn capital raise in September 2024, allowed Vukile to acquire three assets in Portugal for €176.5m. It acquired 50% of Alegro Sintra in Lisbon for €83.4m and also acquired the Bonaire shopping centre in Valencia, Spain for €305m. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ This meant that Vukile has expanded its Iberian direct asset base by nearly 60%, consolidating its footprint across two of Europe's most resilient consumer economies. Now, 65% of the group's assets, and an expected 60% of its net property income is derived offshore. Now, 65% of the group's assets, and an expected 60% of its net property income is derived offshore Vukile closed the year with an investment portfolio of 33 urban, commuter, township and rural malls in South Africa,15 shopping centres and retail parks in Spain and five shopping centres in Portugal. In Spain and Portugal, portfolio occupancy stood at 98.4% with 95% of retail space let to international and national tenants. It saw like-for-like gross rental income growth of 5% and net operating income growth of 6.4%. Rapp said in South Africa, Vukile's robust operating platform "yet again delivered outstanding results". Valued at R16.7 billion, Vukile's defensive, dominant South African retail portfolio delivered strong performance and growth. The value of its retail portfolio rose by 8.5%, while like-for-like net operating income increased by 6.4%. Vacancies remained exceptionally low at 1.7%, supported by active letting, with positive rental reversions of 2.4%. Notably, 85% of leases were signed at the same or higher rental levels, with tenant retention at 91%. The total portfolio recorded trading density growth of 5.2% - with its township and rural portfolio outperforming at 6.7% - driven by Vukile's shopper-first approach, which continues to boost footfall and sales. The portfolio's cost-to-income ratio was 15.3% - its lowest level in a decade – reflecting proactive cost management, with the benefit of solar energy contributing to significant efficiency gains. In South Africa in April 2024 Vukile acquired 50% of Mall of Mthatha, previously known as BT Ngebs, for R400 million and invested a further R113 million to upgrade and refurbish the centre. Vukile said the Mall of Mthatha has delivered a "strong early performance", with the vacancy rate dropping from 16% when acquired to just 2%, adding that the highly accretive project is set for completion in September 2025. The comprehensive R141million Bedworth Centre strategic upgrade in Vanderbijlpark, delivered a high-convenience, community-focused retail destination with enhanced tenant mix, aesthetics, amenities, access and security. Meanwhile, looking at Vukile's solar PV rollout in South Africa, over the year, solar capacity grew by 67%, with 14.4MWp added to the existing 21.6MWp. Solar power now supplies 27% of the portfolio's energy needs. Vukile said it has identified a further 10.6MWp of solar projects for 2026 and is finalising the agreements for two wheeling projects totalling 2MWp. The balance sheet remained sound with significant available cash balancesof R2.1 billion and undrawn debt facilities of R2.5 billion. BUSINESS REPORT Visit:
IOL News
4 days ago
- General
- IOL News
Tshwane allocates R5. 3 billion to enhance public safety in the upcoming financial year
ActionSA President Herman Mashaba recently visited a Soshanguve fire station, where he briefed workers on Tshwane's plans to upgrade the facility. Image: Oupa Mokoena / Independent Newspapers The City of Tshwane's R5.3 billion budget allocation to the Community Safety Department for the next financial year, starting July 1, will enhance public safety. The budget allocation includes R3 million for upgrading three key satellite fire stations in Ga-Rankuwa, Cullinan, and Soshanguve. ActionSA President Herman Mashaba recently visited a fire station in Soshanguve, where he discovered that two out of three fire trucks have been out of commission for years, posing a risk to the local community. The station also faces other challenges, including non-functional ablution facilities, broken gym equipment, laundry machines that have been awaiting repair since last year, and a male shower without hot water. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ Section 79 chairperson for community safety, Neo Mocumi, said a significant portion of the budget, R565m, will go toward protecting municipal assets, and the Emergency Services Department has been allocated R1.7 billion. She said the budget allocations to both entities highlighted the city's commitment to securing its critical infrastructure and the crucial role emergency responders play in protecting residents. Tshwane Mayor Nasiphi Moya has constantly said the 2025/2026 budget aims to protect municipal assets, especially electricity infrastructure, which was left vulnerable to vandalism and sabotage by previous administrations. The budget, she said, is a concerted effort to reduce power outages and water disruptions that have affected communities due to years of neglect. Additionally, the city plans to recruit over 200 metro police officers through the budget allocation to strengthen its crime-fighting efforts. Mocumi stated that 21 emergency facilities are earmarked for renovation as part of the city's medium-term strategy. Three satellite fire stations have been prioritised for upgrades, with each station receiving R1m for the work. Mocumi said: 'This budget marks a significant commitment to strengthening emergency response capabilities, reinforcing public safety, and ensuring that critical services remain fully operational and responsive to community needs. With these investments, the city is not just funding services, it is safeguarding lives.' Tshwane's MMC for Community Safety, Hannes Coetzee, and TMPD Chief of Police, Commissioner Yolande Faro, recently launched a new fleet of high-performance motorcycles to bolster crime-fighting efforts in the city.
The Citizen
14-05-2025
- Business
- The Citizen
Taxpayer battling with a crypto tax nightmare for months
Owing Sars R1.7m from profits he has not made. A Sars official has provided some insight, and hints that there may have been some 'misapplication' in this case. Picture: Shutterstock A taxpayer has been battling with the South African Revenue Service (Sars) for months after receiving an additional assessment of an eye-watering R1.5 million from crypto trade income. The taxpayer made only one deposit of R185 000 with a crypto trading platform in 2021, and subsequently withdrew about R70 000. He was left with an additional assessment of more than R1.7 million after penalties were included. John Godsiff, the aggrieved taxpayer, says the additional assessment was issued on 10 March, and on 13 March he sent a lengthy letter to Sars when he became aware of the additional assessment. He claims he received correspondence from Sars from an unfamiliar address, and when checking his eFiling profile, there was no correspondence verifying the email from Sars. The additional assessment was only placed on his profile at a later stage and could be verified as authentic. ALSO READ: Are you making money with crypto assets? Sars is looking for you 'Bald and threatening' claim The amount was payable on 17 March. According to Godsiff, R16 000 was extracted from his bank account on the same day. Sars presented a 'bald and threatening claim' of the sum of R1 738 398 without supplying 'any helpful background' about where the amount had been sourced, nor any detail as to how the amount had been calculated. Godsiff approached Moneyweb on 18 March, noting that he had attempted to contact Sars via its helpline and had also tried to deal with the matter via the eFiling system. He received no feedback from Sars following his lengthy letter. Sars spokesperson Siphithi Sibeko declined to discuss the matter, noting that Sars is prohibited by Chapter 6 of the Tax Administration Act from divulging any taxpayer information. 'In this respect, Sars will not be commenting. The taxpayer concerned can approached [sic] the nearest Sars Branch and all his questions will be addressed therein.' Following several attempts to obtain an interview with a Sars official to understand how a taxpayer can end up in this situation, Andrew Wes – head of corporate income tax product, process and design at Sars (who was involved in establishing Sars's approach to cryptocurrencies) – explained the process. ALSO READ: Sars' spotlight on crypto traders signals new era of accountability, say experts Treatment of crypto profits The general approach to crypto assets is to treat them as an asset with intangible value – taxpayers will be taxed as if a transaction was a barter transaction. 'The general approach is that crypto assets are to be treated like any other asset for income tax purposes,' Wes told Moneyweb this week. This approach was set out in a media statement in April 2018 when Sars noted that it will continue to apply normal income tax rules to cryptocurrencies and will expect affected taxpayers to declare cryptocurrency gains or losses as part of their taxable income. The onus is on taxpayers to declare all cryptocurrency-related taxable income in the tax year in which it is received or accrued. Failure to do so could result in interest and penalties. ALSO READ: Sars is spying on your social media accounts – Here's why Taxpayer's additional assessment Godsiff's additional assessment for the 2022 tax year indicated an amount of more than R1.5 million for 'income other than turnover' classified as crypto asset profits. He received an understatement penalty of more than R646 000 for 'omission of income' and a penalty of R85 294 due to the underestimation of provisional tax. Godsiff noted that he did not sell any of his funds (besides withdrawing around R70 000) to be able to make such a profit. Two days before he was supposed to pay the additional assessment, he had an amount of R102 217, with a cash balance of R4 153 in his account on the crypto platform. ALSO READ: Unjustified debt collection measures cause unnecessary taxpayer distress Clear as mud Following a visit to a Sars office, he lodged a notice of objection, a remission of penalties, and a suspension of payment. Subsequently, he received a statement of penalty with a null balance and a confirmation of the suspension of payment. 'The position is as clear as mud,' he said. His income tax assessment for the 2023 year was equally 'confusing'. The assessment indicated that he owed Sars an amount of R1.7 million, yet the assessment summary information indicated a net debit amount of 0.00. According to Godsiff, he has not received any further correspondence from Sars. Wes did not comment on the Godsiff matter, stating only that it had been escalated. However, he gave a simple example of how the process is supposed to work. The onus remains on the taxpayer to declare crypto profits or losses and to keep all documents that will offer a reasonable level of proof when there is any request for supporting documentation or in the case of a dispute. If a taxpayer buys crypto assets worth R100 000 and later sells them for R1.2 million, they have a crypto asset profit of R1.1 million, which is subject to tax. 'To the extent that the process deviates from this example there is some misapplication,' said Wes. This article was republished from Moneyweb. Read the original here.
IOL News
12-05-2025
- Health
- IOL News
Premier powerless to axe misfiring KZN MECs
KZN Premier Thamsanqa Ntuli. Image: Supplied DESPITE calls for Premier Thamsanqa Ntuli to sack the under performing MECs for Health and Education in KwaZulu-Natal, his hands were said to be tied as any cabinet reshuffle would likely collapse the provincial power pact of the Government of Provincial Unity (GPU). At the centre of the storm were Sipho Hlomuka, the MEC for Education, and Nomagugu Simelane-Mngadi, the MEC for Health, both senior ANC figures in KZN politics. Their departments account for the lion's share of the provincial budget, yet both have been rocked by controversy and dysfunction claims. Hlomuka has been under fire from teacher unions amid the crisis besetting his department, including the delayed payment of Grade R teachers and non-payment of service providers. This has sparked widespread condemnation of the Education MEC. UMphathiswa wezeMpilo KwaZulu-Natal uNksz Nomagugu Simelane, umnyango wakhe okweleta osomabhizinisi uR1.7 billion Image: SIGCINIWE Simelane-Mngadi who is at the helm of the ailing health department, has also been on receiving end of criticism from disgruntled service providers who were not paid. She revealed last week that her department owed them R1.7 billion. Hlomuka was the deputy provincial secretary while Simelane-Mngadi was deputy provincial chairperson for thw ANC in KZN, before the provincial structure was reconfigured in February following poor showing during the last year's national elections. MEC for Education in KwaZulu-Natal Sipho Hlomuka. Image: Tumi Pakkies Independent Newspapers Ntuli, in his capacity as premier, has the powers to appoint and remove members of the provincial executive council. He is also the IFP provincial chairperson, and assembled his cabinet in June last year, following his election as premier of the province. Despite the pressure, insiders said Ntuli cannot act unilaterally. The GPU, an alliance between the Inkatha Freedom Party (IFP), African National Congress (ANC), Democratic Alliance (DA), and the National Freedom Party (NFP), was formed to govern the province after no party secured an outright majority in the last election. Any reshuffle would require consensus from all coalition partners. This was part of the power-sharing deal agreed to by the said parties. National Education, Health and Allied Workers' Union's (Nehawu) provincial secretary Ayanda Zulu said: "We are not happy with a lot of things that are happening in the department of health as Nehawu. We had a meeting with the MEC and raised the matters that concern us as the union." Zulu said some of their concerns included the plight of workers amid the ongoing crisis in the department of health. "Our biggest concern is the workers and people of the province who continue to receive bad service from the department of health," said Zulu. A source in the provincial government said Ntuli's hands were tied and argued that any reshuffle without the agreement with GPU partners would" backfire spectacularly". "The reality is that the premier is not happy with the performance of some of his MECs. But if he just replaced them. That would backfire spectacularly for him and this could even collapse the provincial government," said the source. The provincial secretary for the South African Democratic Teachers Union (SADTU) said:" The problems in the education department in KZN are as a result of austerity measures (budget cuts ) and the cost cutting measures imposed by the Provincial Treasury and the Office of the Premier." A Grade R teacher in KZN, who spoke on condition of anonymity, said:" The MEC is clearly failing. I think it's time the province gets a new MEC, maybe they will deliver. But again, the turnaround of the provincial department will not be an overnight thing because of the many crises the department is facing," said the teacher. Another teachers' union, the National Teachers Union (NATU) have also previously called for accountability, and demanded Premier Ntuli to wield the axe over Hlomuka. Attempts by Daily News to obtain responses from the offices of Premier Ntuli, MEC Hlomuka, and MEC Simelane-Mngadi were unsuccessful, as their spokespersons failed to respond to inquiries. DAILY NEWS
Eyewitness News
09-05-2025
- Politics
- Eyewitness News
NPA's Batohi yet to give a decision on representations made by Mapisa-Nqakula
JOHANNESBURG - National Director of Public Prosecutions Shamila Batohi is yet to give a decision on representations made by former National Assembly Speaker Nosiviwe Mapisa-Nqakula. Mapisa-Nqakula returned to the Pretoria High Court on Friday for her corruption and money laundering case. READ: Corruption-accused Mapisa-Nqakula changes lawyers; case postponed to June She is accused of receiving R1.7 million in kickbacks in exchange for tenders when she was the defence minister. On Friday, the court was set to receive an update on submissions Mapisa-Nqakula made to Batohi's office, but State prosecutor Paul Louw addressed Judge Papi Mosopa on the process. Mosopa: "That process is not yet finalised?" Louw: "My lord, I do not know." Mosopa: "Are you not being kept abreast? Louw: "What I have been told is that the decision will be imminent next week."
