Vukile Property Fund, a leading South Africa-based real estate and investment trust, said its South African and Iberian retail properties have delivered good increases in performance in November and December 2024, signalling a successful Black Friday and holiday trading period.

The South African portfolio saw 6.1% growth in trading density during the combined November and December 2024, compared to the same months in 2023, Vukile CEO Laurence Rapp said Monday. Some of Vukile’s retail centres include East Rand Mall, Dobsonville Mall, Randburg Square and Hillfox Value Centre.

“To date, financial 2025 continues to show improved and sustained growth as anticipated, driven by an improved macroeconomic environment, government reforms on electricity and pension funds, and continued positive sentiment following the formation of the government of national unity,” he said.

During the two-months, township shopping centres were the best performing portfolio segment, with trading density growth of 9.6%. Rural and urban centres delivered trading density growth of 5.9% and 4.6%, respectively.

Retail categories with the most significant turnover growth were unisex wear (7.7%), groceries (7.2%), fast food (6.3%) and home furnishing (6%).

Shopper visits in November 2024 increased by 5% compared to November 2023, reflecting stronger Black Friday trade over the month. December 2024 footfall was in line with the same period last year.

In the Iberian portfolio, sales in the Spain properties increased 4.9% in November compared to November 2023, with all retail segments seeing growth. The leisure sector jumped 21.1%, food & beverage climbed 12.2%, and health & beauty saw a 7.3% rise. December sales rose by 4.8%, with homeware leading at 9.4%, followed by leisure at 7.8%, and sports & adventure at 5.6%.

Vukile said in a statement that economic projections for 2025 for the Iberian region remained “pleasingly positive, buoyed by strong employment figures, healthy savings, and manageable inflation.” These factors were likely to continue driving interest rate cuts, thereby enhancing consumer spending power.

In Portugal, sales climbed 8.5% year-on-year, with all categories improving. Household & furniture led with a 17.5% increase, accessories rose by 12.9%, electronics grew 11%, and fashion went up by 7.4%. December sales increased by 2.8%. Leisure was the top performer with a 26.9% rise.

Castellana, Vukile’s Spanish subsidiary, remained in discussions to acquire the largest shopping centre in Spain’s Valencia province, Bonaire Shopping Centre, from multinational retail REIT Unibail-Rodamco-Westfield.

The transaction’s closing had been extended due to the 2024 floods in Spain. Unibail-Rodamco-Westfield was making good progress towards reinstating and reopening the centre, which was expected mid-February 2025.

On December 27, 2024, Castellana closed the sale of its 28.8% stake in Lar España, receiving proceeds of €200 million after negotiating an improved cash offer of €8.30 per share, delivering a total profit of c. €108m.

On December 19, 2024, Castellana acquired 50% of Alegro Sintra shopping centre in Lisbon from Ceetrus, represented by their subsidiary Nhood, the real estate arm of ELO Group, for €46.5m.

Alegro Sintra is a dominant, shopping centre located in the north of Lisbon, a dense and growing residential node, with an annual footfall of 8.7 million visits and a total gross lettable area of 58 000 m².

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Vukile Property Fund reports strong retail performance in South Africa and Iberia