Vukile is a Johannesburg Stock Exchange (“JSE”) listed Real Estate Investment Trust (“REIT”). The Issuer ring fenced a designated portfolio of properties (Group 1 Property Portfolio) as security for the Senior Secured Notes, jointly referred to as the Group 1 Notes. In an enforcement event, the Group 1 Property Portfolio, which is registered in the name of the Guarantee SPV, will be utilised as security for the Group 1 Notes pursuant to the security agreements, whereby the Security SPV guarantees repayment to the Notes. The guarantee is limited to the amount recovered from the Group 1 Property Portfolio.
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