Vukile bosses determined to manage down loan-to-value
This emerged from a roadshow held by Vukile executives yesterday ahead of a potential corporate bond issuance of up to R500 million in February.
The funds are planned to be used to reduce debt and would not impact LTV. In their presentation, Vukile directors said they hoped to reduce LTV to around 35percent over 6 to 12 months, from 40.8percent at the end of the six months to September 30, 2019.
The plan was that the sale of the Namibia assets, the sale of non-core office and industrial assets, the sale of non-core retail assets and the possible introduction of a strategic shareholder in Castellana might together reduce LTV to around 34.7percent.
Vukile holds around R35billion of assets, R1.3bn of which is in the UK, R17bn or properties in Spain and some R17bn of property investments in southern Africa, R16bn of which are directly held in 45 properties.
Source: iol.co.za