Wrap Text
Festive season trading - November and December 2025
VUKILE PROPERTY FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2002/027194/06)
JSE share code: VKE NSX share code: VKN
Bond company code: VKEI
(Granted REIT status with the JSE)
("Vukile" or the "Company")
FESTIVE SEASON TRADING – NOVEMBER AND DECEMBER 2025
Vukile's South African and Iberian retail property portfolios recorded strong performance in November and
December 2025, reflecting a successful Black Friday and holiday trading period.
SOUTH AFRICAN PORTFOLIO
Positive trading performance through November and December 2025 have reinforced the portfolio's sustainable growth
and consistent value creation.
Turnover
November sales reflected continued growth, increasing by 2.4% relative to the prior year, growing off a high base (+10.0%
in November 2024 vs November 2023). In December, the portfolio achieved significant growth, up by 4.5% in trading
density, demonstrating positive festive trading performance over the period.
All four key segments of the portfolio showed strong growth over the festive season. Commuter centres outperformed,
achieving an 11.1% increase in trading density. Value centres performed strongly with 8.0% growth, while township and
rural centres, which together contribute roughly 60% of the portfolio's total turnover, reporting increases of 3.7% and 2.7%
respectively (versus 9.6% and 5.9% in December 2024). Urban centres delivered a 3.7% uplift.
Retail categories with the most significant turnover growth in December were women's wear and footwear (+12.7%), fast
food (+12.5%), cell phones (+9.9%), electronics (+8.7%), sports utilities/gyms and health & beauty (+7.9%), groceries
(+4.9%), unisex wear (+3.3%), home furnishings (+3.8%), and sporting & outdoor goods (+1.7%). These increases
demonstrate sustained momentum across both essential and discretionary retail.
In addition, Vukile's recently acquired Chatsworth Centre reported a commendable performance, delivering 5.6% growth
in December and 10.5% growth in November over the same months in the previous year, driven by strong Black Friday
trading.
Footfall
November 2025 footfall remained stable while December 2025 footfall increased by 3.0% compared to December 2024.
Commuter centres once again delivered standout performance, recording 10.4% growth in foot count.
IBERIAN PORTFOLIO (CASTELLANA PROPERTIES)
The Iberian portfolio also achieved robust performance in trading activity during November and December 2025.
Spain
Turnover
Sales increased by 7.3% in November 2025 compared to November 2024, with almost all retail segments achieving growth.
Top-performing categories included fashion (+12.7%), health & beauty (+7.0%) and homeware (+6.5%).
December sales rose by 3.2%, with homeware leading (+10.3%), followed by health & beauty (+3.9%) and food (+3.6%).
Footfall
Shopper visits in Spain increased slightly by 0.9% in November 2025 compared to the previous November, with an 8.6%
rise during Black Friday week. On Black Friday itself, Castellana's Spanish shopping centres saw a noteworthy 13.1% boost
in visits. Excluding Bonaire, which continues its recovery from the flooding event last year, the Spanish portfolio increased
by 4% in November.
December 2025 footfall in the Spanish portfolio decreased slightly by 0.4%. However, when considering the full Christmas
period (measured from 1 December 2025 to 6 January 2026), footfall increased by 2.0%. Excluding Bonaire, the Spanish
portfolio increased by 4.3% in December.
Portugal
Turnover
November 2025 sales in Portugal increased by 9.5% year-on-year, with almost all categories showing improvement. Top
performing categories feature Sports & Adventure (+18.6%), Fashion (+14.1%) and Food & Beverage (+11.6%).
December sales grew by 1.5%. Food & beverage was the top performer (+6.0%), followed by health & beauty (+4.2%) and
leisure & entertainment (+2.9%).
Footfall
In Portugal, footfall increased by 5.3% in November 2025 compared to the previous year and by 0.2% over Black Friday
week, though Black Friday itself saw a slight decline of 1.8%. In December 2025, footfall in the Portuguese portfolio
mirrored the Spanish trend, declining by 0.4% compared to December 2024. However, excluding Alegro Sintra — the only
Portuguese asset not managed by Castellana Properties — the portfolio would have achieved a 0.7% increase.
9 February 2026
JSE sponsor NSX sponsor
Java Capital IJG Securities (Pty) Ltd
Date: 09-02-2026 08:00:00
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